Urban Outfitters, Inc. (NASDAQ: URBN), a leading lifestyle products and services company, has reported higher sales and earnings for the third quarter of 2023.
Q3 net income rose to $83.0 million or $0.88 per share from $37.2 million or $0.40 per share last year Net sales for the three-month period increased 9% annually to a record $1.28 billionRetail segment net sales increased 7.3%, with comparable Retail segment sales increasing 5.6%Wholesale segment net sales decreased 3.6%, driven by a 3.5% decrease in Free People wholesale salesAs of October 2023, total inventory decreased by $22.6 million, or 3.0%, compared to the same period last yearDuring the nine months ended October 2023, the company opened a total of 21 new retail locations