×
143
Fashion Jobs
HTNK
Enterprise New Business Manager (UK)
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant
Permanent · LONDON
PINK PANTY
Web Manager
Permanent · LONDON
SHISEIDO
Bareminerals Account Manager - Hoopers, Wilmslow (Maternity Cover) (37.5)
Permanent · Manchester
SHISEIDO
Bareminerals Account Manager - Debenhams, Dundee (37.5)
Permanent · Dundee
SHISEIDO
Bareminerals Account Manager - Debenhams, Winchester (Maternity Cover)
Permanent · Hampshire
KIMAI
Marketing Manager
Permanent · LONDON
FOREO
Senior Creative PR Storyteller
Permanent · LONDON
MICHAEL KORS (UK) LIMITED
Ecommerce Operations Manager, Emea
Permanent · London
SHISEIDO
Account Manager - Debenhams
Permanent · BURY SAINT EDMUNDS
SHISEIDO
Bareminerals Account Manager - Debenhams, Ipswich (37.5)
Permanent · Ipswich
SHISEIDO
Shisiedo Group Fragrance Account Manager - John Lewis, Brent Cross (22.5)
Permanent · London
MARNI
Sales Associate
Permanent · BICESTER
MAJE
Stock Controller, Full Time - Selfridges, London
Permanent · LONDRES
A.T. STUDIO
Graphic Design Intern
Internship · BURNLEY
A.T. STUDIO
Production Work Placement
Internship · BURNLEY
CLAUDIE PIERLOT UK
Store Manager - 40h - Birmingham m/f H/F
Permanent · BIRMINGHAM
CLAUDIE PIERLOT UK
Sales Assistant - 24h - Bicester Village m/f H/F
Fixed-term · BICESTER
CLAUDIE PIERLOT UK
Stock Controller - 40h - Selfridges London m/f H/F
Permanent · LONDRES
CLAUDIE PIERLOT UK
Sales Assistant - 30h - Harrods m/f H/F
Fixed-term · LONDRES
GARETH PUGH STUDIO
f/t Design Internship
Internship · LONDON

Urban Outfitters posts 32% decline in Q1 sales

Published
May 19, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Philadelphia-based fashion retailer Urban Outfitters, Inc. reported its preliminary first-quarter financial results on Tuesday, announcing a 31.9% decrease in sales due to the impact of Covid-19-related store closures.
 

Urban Outfitters has begun reopening its U.S. stores after more than two months of closures - Instagram: @urbanoutfitters


The company, which owns the Anthropologie, BHLDN, Free People, Terrain, Urban Outfitters and Nuuly brands, achieved quarterly sales of $588 million, down from $864 million in the prior-year period.
 
Comparable retail segment sales fell 28% as a result of mandated store closures, which were partially offset by low double-digit growth in the company’s digital channel. Comparable retail sales decreased 19% at Free People, 24% at Urban Outfitters and 33% at the Anthropologie Group.

Having closed all brand locations across the U.S. in mid-March, Urban Outfitters has now slowly begun reopening stores in selected locations. The company currently has operational stores in 26 states.
 
Total retail segment sales declined 28%, while the company’s wholesale segment posted a 74% decrease.
 
The company also reported a preliminary net loss of $138 million, or a loss of $1.41 per diluted share, for the quarter, down from net income of $33 million, or $0.31 per diluted share, in the same period in the previous year.
 
“I am incredibly proud of our teams for their hard work, dedication and resilience over the last two months,” said Urban Outfitters CEO Richard A. Hayne in a release. “The actions we’ve taken during the quarter to strengthen our balance sheet and help preserve liquidity provides us with financial flexibility during this difficult period.”
 
Since the start of the coronavirus pandemic, the company has introduced a range of measures in order to safeguard its operations during and after the crisis. As well as temporarily furloughing a number of store, wholesale and home office employees, the group reduced leadership compensation, suspended hiring, eliminated bonuses and delayed merit raises.
 
Urban Outfitters has also borrowed $220 million, reduced its capital budget by over $100 million and temporarily suspended rent payments.

Copyright © 2020 FashionNetwork.com All rights reserved.