Urban Outfitters Inc. (URBN), which owns brands like Anthropologie and Free People, got hit by the recently introduced tax law in the fourth quarter ended January 31, 2018. Net income was $1.32 million or $0.01 per share compared to $64.29 million or $0.55 per share in the prior-year quarter.
On an adjusted basis, earnings grew 21% to $0.69 per share. The one-time charge related to the Tax Cuts and Jobs Act amounted to about $64.7 million in the quarter.
Sales increased 5.7% to $1.09 billion year-over-year, boosted by positive comp sales in all three brands. Comparable sales for the Retail segment increased 4% and net sales for the Wholesale segment increased 6.3% in the recently ended quarter.
In the fiscal year 2018, the retailer opened 18 new locations and closed 11 locations.