URBAN OUTFITTERS: SALES UP, PROFITS DOWN

urban-outfitters-logoUrban Outfitters, one of the few national retail chains with a presence in downtown Red Bank, reported Monday that its sales rose in its third fiscal quarter.

Net income for the Philadelphia-based clothing retailer was down sharply, however.

The company, which also owns the Anthropologie and Free People brands, said sales at Urban Outfitters rose 9.4 percent, to $291 million, from $266 million in the third quarter of the prior year.

Sales are not broken down by location.

The company said the decline in net income, to $50.7 million, from $73.1 in the year-prior third quarter, “was primarily due to increased merchandise markdowns to clear slow moving women’s apparel inventory at both Anthropologie and Urban Outfitters, as well as occupancy deleverage caused by negative comparable store sales.”

Urban Outfitters opened its Red Bank store, at the corner of Broad and West Front Streets, in November, 2009. In addition to 187 Urban Outfitters stores, the parent company runs 164 Anthropologie stores and 55 Free People stores around the world.