**Urban Outfitters Reports Strong Second Quarter Sales, Driven by Apparel and Home Goods**.
**Philadelphia, August 17, 2023** – Urban Outfitters, Inc. (NASDAQ: URBN), a leading lifestyle retailer, today announced its financial results for the second quarter ended July 31, 2023. The company reported record quarterly sales, driven by strong demand for its apparel and home goods offerings..
**Key Financial Highlights:**.
* Net sales increased 12.5% to a record $1.23 billion, compared to $1.09 billion in the same period last year..
* Comparable sales increased 9.7%, with growth across all channels..
* Gross margin expanded 80 basis points to 39.4%..
* Net income increased 31.8% to $160.9 million, or $1.02 per diluted share, compared to $121.9 million, or $0.77 per diluted share, in the prior year quarter..
**Continued Momentum in Apparel and Home Goods**.
Urban Outfitters attributed its strong performance to continued momentum in its core apparel and home goods categories. The company’s unique and curated merchandise assortment resonated with its target customer base of Gen Z and Millennials..
* Apparel sales increased 11.2%, driven by strong demand for denim, graphic tees, and athleisure..
* Home goods sales surged 20.3%, fueled by increased spending on home décor, furniture, and bedding..
**Digital Sales Remain Strong**.
Urban Outfitters’ digital channels also continued to perform well, with online sales accounting for 42% of total revenue. The company’s omnichannel strategy, which allows customers to seamlessly shop across its stores and website, contributed to the strong digital growth..
**Expansion and Future Growth**.
Urban Outfitters plans to continue its growth strategy by expanding its store footprint and investing in its digital capabilities. The company expects to open 15 new stores in the second half of 2023, including locations in Los Angeles, Chicago, and New York City..
**Analyst Commentary**.
Analysts praised Urban Outfitters’ strong financial performance and its ability to successfully navigate the challenging retail landscape..
