Urban Outfitters Inc. beat first-quarter sales and profit expectations in its second consecutive quarter of steady revenue gains.
The Philadelphia-based company’s sales rose 10.7 percent to $1.33 billion, while earnings per share jumped 78.5 percent to $1.16, beating expectations by 39.56 percent.
Net same-store sales rose 4.8 percent, led by a 6.9 percent increase at Anthropologie, followed by 3.1 percent growth at Free People and 2.1 percent growth at Urban Outfitters.
Nuuly subscription segment net sales rose 59.5 percent, driven by a 52.9 percent year-on-year increase in average active subscribers in the first quarter.
Stock jumped 14.48 percent in extended trading.
Learn more:
Urban Outfitters’ Clothing Rental Platform Turns Its First Annual Profit
Rental platform Nuuly reported an operating income of $13.3 million last year, a major benchmark for a concept that’s long been associated with rapid growth and steep losses.
Content shared from www.businessoffashion.com.
