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Urban Outfitters Reports Q1 Earnings
As stated in the Company's previous sales release on
"Given the challenging economic environment, we were pleased to produce 12% operating profits," said
Net sales for the three month periods were as follows:
Three months ended
April 30,
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2009 2008
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(in thousands)
Urban Outfitters stores $152,832 $159,790
Anthropologie stores 138,343 145,596
Free People stores 7,313 5,859
Terrain 1,303 617
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Net store sales 299,791 311,862
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Direct-to-consumer 60,810 58,248
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Retail segment net sales 360,601 370,110
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Wholesale Segment Sales 24,195 24,182
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Total net sales $384,796 $394,292
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For the three months ended
As of
During the first quarter, selling, general and administrative expenses, expressed as a percentage of net sales, increased by 98 basis points versus the comparable period last year. This increase was primarily due to de-leveraging of fixed direct store costs.
Earnings per share decreased by 28% to
During the three months ended
A conference call will be held today to discuss first quarter results and will be web cast at
This news release is being made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Certain matters contained in this release may constitute forward-looking statements. Any one, or all, of the following factors could cause actual financial results to differ materially from those financial results mentioned in the forward-looking statements: the difficulty in predicting and responding to shifts in fashion trends, changes in the level of competitive pricing and promotional activity and other industry factors, overall economic and market conditions and the resultant impact on consumer spending patterns, including any effects of terrorist acts or war, availability of suitable retail space for expansion, timing of store openings, seasonal fluctuations in gross sales, the departure of one or more key senior managers, import risks, including potential disruptions and changes in duties, tariffs and quotas and other risks identified in filings with the
URBAN OUTFITTERS, INC.
Condensed Consolidated Statements of Income
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
April 30,
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2009 2008
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Net sales $ 384,796 $ 394,292
Cost of sales, including certain buying,
distribution and occupancy costs 241,491 235,612
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Gross profit 143,305 158,680
Selling, general and administrative expenses 97,185 95,738
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Income from operations 46,120 62,942
Other income, net 2,091 3,220
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Income before income taxes 48,211 66,162
Income tax expense 17,406 23,605
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Net income $ 30,805 $ 42,557
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Net income per common share:
Basic $ 0.18 $ 0.26
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Diluted $ 0.18 $ 0.25
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Weighted average common shares outstanding:
Basic 167,455,872 166,119,099
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Diluted 170,316,708 170,603,420
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PERCENT OF NET SALES
Net sales 100% 100%
Cost of sales, including certain buying,
distribution and occupancy costs 62.8 59.8
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Gross profit 37.2 40.2
Selling, general and administrative expenses 25.2 24.2
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Income from operations 12.0 16.0
Other income, net 0.5 0.8
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Income before income taxes 12.5 16.8
Income tax expense 4.5 6.0
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Net income 8.0% 10.8%
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URBAN OUTFITTERS, INC.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
April 30, January 31, April 30,
2009 2009 2008
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Assets
Current assets:
Cash and cash equivalents $ 224,732 $ 316,035 $ 164,030
Marketable securities 72,893 49,948 55,101
Accounts receivable, net of
allowance for doubtful accounts
of $1,400 , $1,229 and $1,522 ,
respectively 28,499 36,390 25,593
Inventories 189,881 169,698 191,287
Prepaid expenses, deferred taxes
and other current assets 41,968 52,331 46,228
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Total current assets 557,973 624,402 482,239
Property and equipment, net 520,945 505,407 498,789
Marketable securities 266,527 155,226 187,549
Deferred income taxes and other
assets 43,325 43,974 36,708
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Total Assets $1,388,770 $1,329,009 $1,205,285
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Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 81,437 $ 62,955 $ 81,112
Accrued expenses, accrued
compensation and other current
liabilities 82,888 78,195 92,312
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Total current liabilities 164,325 141,150 173,424
Deferred rent and other liabilities 132,819 134,084 123,469
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Total Liabilities 297,144 275,234 296,893
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Shareholders' equity:
Preferred shares; $.0001 par
value, 10,000,000 shares
authorized, none issued -- -- --
Common shares; $.0001 par value,
200,000,000 shares authorized,
168,042,088, 167,712,088 and
166,967,614 issued and
outstanding, respectively 17 17 17
Additional paid-in capital 173,527 170,166 157,490
Retained earnings 932,144 901,339 744,532
Accumulated other comprehensive
(loss) income (14,062) (17,747) 6,353
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Total Shareholders' Equity 1,091,626 1,053,775 908,392
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Total Liabilities and Shareholders'
Equity $1,388,770 $1,329,009 $1,205,285
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CONTACT: John Kyees, Chief Financial Officer
(215) 454-5500
