Online sales boost Urban Outfitters Q2, swings to profit

Urban Outfitters, Inc. posted net income of 34 million dollars and earnings per diluted share of 35 cents for the three months ended July 31, 2020, while for the six months period, net loss was 104 million dollars and loss per diluted share was 1.06 dollars. The company said in a statement that total net sales for the quarter decreased 16.5 percent to 803 million dollars, while comparable retail segment net sales decreased 13 percent, driven by negative retail store sales due to stores being closed for part of the quarter and lower store productivity once opened, partially offset by strong double-digit growth in the digital channel.