URBAN SAYS PROFITS ARE AT RECORD LEVEL
Upper-floor scaffolding came down earlier this week at the future home of an Urban Outfitters store at the corner of Broad and West Front streets.
Looks like the parent company of Urban Outfitters, which is scheduled to open one of its housewares and clothing stores in downtown Red Bank next week, will arrive with a head of steam.
Philly-based Urban Outfitters Inc. today reported record third-quarter earnings of $62 million, up five percent from a year ago, and a six-percent jump in sales, to $506 million.
But a comparison of results at stores open in both periods shows that while sales at the company’s Anthropologie chain rose three percent, they were down five percent at Urban Outfitters stores and down two percent across all chains, which also include Free People and Terrain.
In a prepared statement, company CEO Glen T. Senk said the results “highlight our ability to deliver compelling merchandise and a unique shopping experience under difficult market conditions.”
The company has 151 Urban Outfitters stores in the U.S., Canada, and Europe. Nine of those stores were opened in 2009. It also has 133 Anthropologie stores, 12 of which opened this year.
A conference call will be held today to discuss third quarter results and will be webcast at 11a here.