Replies to post #9114 on The House of Pleasure Stock Board

[Tina]

Urban Outfitters Inc. (Nasdaq: URBN) Q1 Sales Rise 9 Percent


Urban Outfitters Inc. (Nasdaq: URBN: 33.2, 0.58) reported first quarter fiscal 2011 net income of $39 million, or $0.23 in earnings per diluted share, for the three months ended April 30. The financial highlights of the quarter are:

Net sales rose by 9 percent over the same quarter last year to $524 million from $480 million in the comparable period last year.
Comparable retail segment net sales, which include direct-to-consumer channels, decreased 1 percent to $391 million from $368 million in the prior year's quarter.

Direct-to-consumer comparable net sales increased 15 percent from $86 million in the first quarter of 2010 to $102 million in the first quarter of fiscal 2011.

Wholesale segment net sales rose 22 percent to $30.56 million from $25 million in the same period last year.

Gross profit margin percentage declined by 493 basis points versus the prior year's comparable period.

Gross profit for the period amounted to $193 million as compared with $201 million in Q1 of 2010.

Total inventories grew by $42 million, or 19 percent, on a year-over-year basis, primarily due to the acquisition of inventory to stock new retail stores, as well as, inventory to support growth in the direct-to-consumer channel.

Selling, general and administrative expenses, expressed as a percentage of net sales, increased by 96 basis points, to $134 million from $118 million in Q1' 10.

During the quarter, the company repurchased and retired 4.8 million common shares for approximately $149 million. These repurchases completed the company's 2006 share repurchase program leaving 5.7 million shares available for repurchase under the 2010 share repurchase program. The company opened a total of 10 new stores including: 5 Free People stores, 2 Urban Outfitters stores and 3 Anthropologie stores.

Shares last traded at $32.29, down 1.01 percent with a 52-week range of $29.03 to $39.26.