Urban Outfitters, Inc. · NASDAQ:URBN
Urban Outfitters — Q1 FY2023 Earnings Presentation
19 slides from Urban Outfitters's earnings presentation, May 2022
Slide 1: FY'23 Q1 Results
Urban Outfitters, Inc. F Y ’ 23 Q1 RESULTS
Slide 2: Introduction
Introduction Urban Outfitters, Inc. “URBN” is providing fiscal 2023 first quarter commentary ahead of our earnings call scheduled for May 24th at 5:15pm. We remind you that any forward-looking statements made in this commentary are subject to our safe harbor statement found in our SEC filings. Our f
Slide 3: Table of Contents
Table of Contents Key Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Sales by Segment. . . . . . . . . . . . . . . . .
Slide 4: Key Financial Highlights
Key Financial Highlights Three Months Ended URBN sales for the first quarter increased by 13% to a record $1.05 billion. The increase in sales was due to a 12% increase in Retail segment sales and a 6% April 30, 2022 April 30, 2021 increase in Wholesale segment sales. Retail segment sales comp incre
Slide 5: Sales by Segment
Sales by Segment Three Months Ended Total Company or URBN sales for the first quarter ($ in millions) Variance (unaudited) increased by 13% to a record $1.05 billion. URBN Retail April 30, 2022 April 30, 2021 $ % segment sales increased 12% to $963 million, with comparable sales increasing 11%. The
Slide 6: Revenue Metrics: Anthropologie Group
Revenue Metrics Three Months Ended Total Anthropologie Group brand sales increased 19% to ($ in millions) Variance (unaudited) $420 million for the quarter. April 30, 2022 April 30, 2021 $ % Retail segment sales increased 19%, with comparable sales Total Sales $ 419.7 $ 353.6 $ 66.1 19% increasing 1
Slide 7: Revenue Metrics: Free People Group
Revenue Metrics Three Months Ended Total Free People Group sales increased by 16% to ($ in millions) Variance (unaudited) $246 million for the quarter. This increase was due to an April 30, 2022 April 30, 2021 $ % increase in Retail segment sales of 18% and a 9% increase in Wholesale segment sales.
Slide 8: Revenue Metrics: Urban Outfitters
Revenue Metrics Three Months Ended Total Urban Outfitters brand sales increased by 2% to ($ in millions) Variance (unaudited) $358 million for the quarter. April 30, 2022 April 30, 2021 $ % Retail segment sales increased 3%, with comparable sales Total Sales $ 357.7 $ 349.7 $ 8.0 2% increasing 1%. T
Slide 9: Gross Profit by Segment
Gross Profit by Segment Three Months Ended Gross profit dollars increased by 8% to $323 million for the ($ in millions) Variance (unaudited) quarter, while gross profit rate decreased 169 bps to 30.7%. April 30, 2022 April 30, 2021 $ % The decrease in gross profit rate was primarily due to lower ini
Slide 10: SG&A–Total Company
SG&A–Total Company Three Months Ended Selling general & administrative (‘SG&A’) expenses ($ in millions) Variance (unaudited) increased by 22% to $277 million while SG&A as a % of sales April 30, 2022 April 30, 2021 $ % deleveraged by 184 bps to 26.3%. The deleverage in SG&A as a rate to sales and g
Slide 11: Operating Income by Segment
Operating Income by Segment Three Months Ended Operating income dollars decreased by 37% to $46 ($ in millions) Variance (unaudited) million while operating income rate decreased by 353 April 30, 2022 April 30, 2021 $ % bps to 4.4%. The decrease in dollars was primarily due to the increase in SG&A e
Slide 12: Income Statement Summary
Income Statement Summary ($ in millions) Three Months Ended The effective tax rate for the first (share count in millions) quarter was 29% compared to an (unaudited) April 30, 2022 % of Net Sales April 30, 2021 % of Net Sales effective tax rate of 27% in the first quarter of fiscal 2022. The Net Sal
Slide 13: Balance Sheet Summary
Balance Sheet Summary ($ in millions) As of April 30, 2022, cash and (unaudited) April 30, 2022 April 30, 2021 marketable securities totaled $439 million with $0 drawn down on our Assets $350 million asset backed line of Cash and Cash Equivalents $ 72 $ 364 credit facility. Marketable Securities 188
Slide 14: Cash Flows Summary
Cash Flows Summary ($ in millions) Three Months Ended (unaudited) April 30, 2022 April 30, 2021 Cash Flows from Operating Activities Net Income $ 32 $ 54 Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: Depreciation & Amortization 27 26 Inventory (65) (87)
Slide 15: Inventory Data
Inventory Data ($ in millions) Cost Variance (unaudited) April 30, 2022 April 30, 2021 $ % URBN Total Inventory $ 630.0 $ 477.8 $ 152.2 32% Retail Segment Total Inventory $ 569.9 $ 425.9 $ 144.0 34% Retail Segment Comparable Inventory by Brand 433.4 320.4 113.0 35% Anthropologie Group 207.1 156.7 50
Slide 16: Capital Spending
Capital Spending ($ in millions) (unaudited) Net Capex % of Net Sales $ 300 5.8% $ 250 Home Office 5.5% $ 200 Fulfillment 4.6% $ 150 Technology $ 100 Stores $ 50 FY’ 20 FY’ 21 FY’ 22 Projected FY’ 23 During the first quarter, capital expenditures were $74 million while depreciation & amortization wa
Slide 17: Shares Outstanding
Shares Outstanding ($ in millions) (share count in millions) (unaudited) 140 130 120 110 100 90 FY ’18 FY ’19 FY ’20 FY ’21 FY ’22 FY ’23 Shares Repurchased Number of Shares 8.1 3.5 8.1 0.5 2.0 2.4 Total Cost $ 157 $ 121 $ 217 $7 $ 56 $ 62 During the first quarter, the Company repurchased 2.4 millio
Slide 18: Global Retail Stores Summary
Global Retail Stores Summary Q1 FY’23 Q2–Q4 FY’23 Projected Open as of Open as of Projected Projected Open as of January 31, 2022 Openings Closings April 30, 2022 Openings Closings January 31, 2023 Anthropologie Group NA 217 – 1 216 6 7 215 Anthropologie Group EU 21 – – 21 1 – 22 Total Anthropologie
Slide 19: Global Store Count & Square Footage
Global Store Count & Square Footage (all data is as of the respective period ended) (Selling SF in thousands) AN FP UO M&V URBN ** FY‘22 Q1 Store Count 238 153 251 11 653 Selling SF 1,816 338 2,224 n/a 4,378 Q2 Store Count 239 162 255 10 666 Selling SF 1,820 352 2,238 n/a 4,410 Q3 Store Count 242 17