Urban Outfitters (NASDAQ:URBN) reports comparable retail segment sales fell 13% in Q2 vs. -28% consensus. By brand, comparable retail segment net sales increased 11% at Free People and decreased 8% at Urban Outfitters and 25% at the Anthropologie Group. Total retail segment sales were down 14% and wholesale segment sales were off 51%.
Gross margin was 29.6% of sales vs. 32.8% a year ago and the consensus mark of 21.3%. Operating margin was 8.6% of sales vs. 8.1% a year ago.
"I’m pleased to announce URBN produced solid revenues and profits for the second quarter driven by strength in the digital channel... Notably, all brands were profitable and enter the fall selling season with lean inventories and positive momentum," says CEO Richard Hayne
Source seekignaplha