CHAIN SALES FLAT AS CORPORATE NET SOARS
Urban Outfitters opened its Red Bank store at the corner of Broad and West Front Streets in November. (Click to enlarge)
The parent company of the Urban Outfitters chain reported record fourth-quarter sales and a 92-percent jump in earnings today.
But sales were flat at the Urban Outfitters chain itself, with the gains coming from the Philly-based company’s Anthropologie and Free People lines, the publicly traded company disclosed.
Fourth-quarter earnings were $78 million, or 45 cents per share, on a 16-percent jump in revenue, to $589 million. The year-ago net profit was $40.5 million.
The Reuters news agency reports that the per-share results were better than expected by Wall Street analysts, who on average forecasted profits of 40 cents per share.
The company doesn’t report results by store location. Red Bank, where the company opened a store in November, was one of 13 locations for Urban Outfitters stores added to the company roster in the fiscal year, bringing the total to 155 in the U.S., Canada and Europe.