Fashion group Urban Outfitters has achieved a record quarter: the 13,7 % increase in turnover to 992 million dollar (about 850 million euro) was unprecedented and easily exceeded analysts' expectations.
Breaking records and expectations
After some difficult times, Urban Outfitters is on the rise again: in the three months till 31 July, turnover rose by 13.7 % to 992 million dollar. This is not only more than the 980 million dollar that analysts expected, it also breaks their own records. The profit rose even more spectacularly: the net income amounted to 93 million dollar (about 80 million euro), which represents an increase of no less than 86 %. For the full first half of 2018, net profit was 134 million dollar (110 million euro).
The eponymous chain's turnover grew by 15 % to 379 million dollar (330 million euro), while their subsidiary chain, Anthropologie, achieved a turnover increase of 11 % to 401 million dollar (350 million euro). The (smaller) Free People brand showed the strongest growth, at 17 %.
Urban Outfitters says it owes these positive results to strong online and mobile growth. In any case, it shows a significant difference from last year, when the fashion group had to admit its worst operating results in seven years.