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Urban Outfitters posts 3 percent rise in Q2 net sales

By Prachi Singh

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Business

Urban Outfitters announced net income of 77 million dollars and 106 million dollars for the three and six months ended July 31, 2016, respectively. Earnings per diluted share were 0.66 dollar and 0.91 dollar for the three and six months, respectively. Total company net sales for the second quarter increased 3 percent to 891 million dollars.

"I am pleased to announce our teams delivered record second quarter sales and earnings per share," said Richard A. Hayne, Chief Executive Officer, adding, "These results were driven by a positive retail segment 'comp' and substantial improvement in merchandise margins."

Comparable retail segment net sales, which include comparable direct-to-consumer channel, increased 1 percent. Comparable retail segment net sales increased 5 percent at Urban Outfitters, flat at Free People and decreased 3 percent at the Anthropologie Group. Wholesale segment net sales increased 4 percent.

During the six months, the company opened a total of 12 new stores including eight Free People stores, three Anthropologie Group stores and one Urban Outfitters store; and closed three stores including one Free People store, one Anthropologie Group store and one Urban Outfitters store.

Picture:Urban Outfitters

Urban Outfitters