Urban Outfitters, Inc. · NASDAQ:URBN
Urban Outfitters — Q2 2025 Earnings Presentation
20 slides from Urban Outfitters's earnings presentation, Aug 21, 2024
Slide 1: FY'25 Q2 Results
Urban Outfitters, Inc. F Y ’ 25 Q2 RESULTS
Slide 2: Introduction
Introduction Urban Outfitters, Inc. “URBN” is providing fiscal 2025 second quarter commentary ahead of our earnings call scheduled for August 21st 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. O
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 second quarter increased by 6% to a record $1.35 billion. The increase in sales was due to a 3% increase in Retail segment sales, a 63% increase in July 31, 2024 July 31, 2023 Nuuly segment sales and a 15% increase in Wholesale segment s
Slide 5: Sales by Segment
Sales by Segment Three Months Ended Total Company or URBN sales for the second quarter ($ in millions) Variance (unaudited) increased by 6% to a record $1.35 billion. URBN Retail July 31, 2024 July 31, 2023 $ % segment sales increased 3% to $1.20 billion, with Retail segment comparable sales increas
Slide 6: Revenue Metrics (Anthropologie)
Revenue Metrics Three Months Ended Total Anthropologie sales increased 7% to $569 million for the ($ in millions) Variance (unaudited) quarter. July 31, 2024 July 31, 2023 $ % Retail segment sales increased 7%, with comparable sales also Total Sales $ 569.1 $ 530.1 $ 39.0 7% increasing 7%. The incre
Slide 7: Revenue Metrics (Free People)
Revenue Metrics Three Months Ended Total Free People sales increased by 10% to $365 million ($ in millions) Variance (unaudited) for the quarter. This increase was due to an increase in Retail July 31, 2024 July 31, 2023 $ % segment sales of 9% and an 18% increase in Wholesale segment sales. Total F
Slide 8: Revenue Metrics (Urban Outfitters)
Revenue Metrics Three Months Ended Total Urban Outfitters sales decreased by 9% to $317 million ($ in millions) Variance (unaudited) for the quarter. July 31, 2024 July 31, 2023 $ % Retail segment sales decreased 9%, with comparable sales also Total Sales $ 316.7 $ 346.4 $ (29.7) (9%) decreasing 9%.
Slide 9: Revenue and Subscription Metrics
Revenue and Subscription Metrics Three Months Ended ($ in millions) Variance (unaudited) July 31, 2024 July 31, 2023 $ % Total Sales $ 90.7 $ 55.8 $ 34.9 63% Nuuly Subscribers Nuuly segment sales for the second quarter increased by 63% to $91 million primarily driven by a 55% increase in 250,000 ave
Slide 10: Gross Profit by Segment
Gross Profit by Segment Three Months Ended Gross profit dollars increased by 8% to $493 million for the ($ in millions) Variance (unaudited) quarter, while gross profit rate increased 68 bps to 36.5%. July 31, 2024 July 31, 2023 $ % The increase in gross profit rate was primarily due to higher initi
Slide 11: SG&A–Total Company
SG&A–Total Company Three Months Ended Selling general & administrative (‘SG&A’) expenses increased ($ in millions) Variance (unaudited) by 8% to $348 million while SG&A expenses as a percentage of July 31, 2024 July 31, 2023 $ % sales deleveraged by 32 bps to 25.8%. The deleverage in SG&A expenses a
Slide 12: Operating Income by Segment
Operating Income by Segment Three Months Ended Operating income dollars increased by 10% to $145 million ($ in millions) Variance (unaudited) while operating income rate increased by 36 bps to 10.7%. July 31, 2024 July 31, 2023 $ % The increase in operating income dollars was driven by the increase
Slide 13: Income Statement Summary
Income Statement Summary ($ in millions) Three Months Ended The effective tax rate was 23% in both (share count in millions) the second quarter of fiscal 2025 and (unaudited) July 31, 2024 % of Net Sales July 31, 2023 % of Net Sales the second quarter of fiscal 2024. Net Sales $ 1,352.0 100.0% $ 1,2
Slide 14: Balance Sheet Summary
Balance Sheet Summary ($ in millions) As of July 31, 2024, cash and (unaudited) July 31, 2024 July 31, 2023 marketable securities totaled $771 million with $0 drawn down on our Assets $350 million asset backed line of Cash and Cash Equivalents $ 209 $ 225 credit facility. Marketable Securities 352 2
Slide 15: Cash Flows Summary
Cash Flows Summary ($ in millions) Six Months Ended (unaudited) July 31, 2024 July 31, 2023 Cash Flows from Operating Activities Net Income $ 179 $ 157 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation & Amortization 57 47 Inventory (54) 3 Payables, Accru
Slide 16: Inventory Data
Inventory Data ($ in millions) Cost Variance (unaudited) July 31, 2024 July 31, 2023 $ % URBN Total Inventory $ 604.7 $ 586.5 $ 18.2 3% Retail Segment Total Inventory $ 552.4 $ 535.9 $ 16.5 3% Retail Segment Comparable Inventory by Brand 430.1 435.7 $ (5.6) (1%) Anthropologie 218.7 222.5 (3.8) (2%)
Slide 17: Capital Spending
Capital Spending ($ in millions) (unaudited) Net Capex % of Net Sales $ 300 5.8% $ 250 Home Office 4.2% 3.9% $ 200 Fulfillment $ 150 Technology $ 100 Stores $ 50 FY’ 22 FY’ 23 FY’ 24 Projected FY’ 25 During the second quarter, capital expenditures were $58 million while depreciation & amortization w
Slide 18: Shares Outstanding
Shares Outstanding ($ in millions) (share count in millions) (unaudited) 140 130 120 110 100 90 FY ’20 FY ’21 FY ’22 FY ’23 FY ’24 FY ’25 Shares Repurchased Number of Shares 8.1 0.5 2.0 4.7 – 1.2 Total Cost $ 217 $7 $ 56 $ 112 – $ 52 During the second quarter, the Company repurchased 1.2 million sha
Slide 19: Global Retail Stores Summary
Global Retail Stores Summary Q1–Q2 FY’25 Q3–Q4 FY’25 Projected Open as of Open as of Projected Projected Open as of January 31, 2024 Openings Closings July 31, 2024 Openings Closings January 31, 2025 Anthropologie NA 218 5 1 222 8 8 222 Anthropologie EU 19 – 2 17 – – 17 Total Anthropologie 237 5 3 2
Slide 20: 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‘24 Q1 Store Count 237 193 260 10 700 Selling SF 1,805 404 2,249 n/a 4,458 Q2 Store Count 237 196 264 11 708 Selling SF 1,806 407 2,275 n/a 4,488 Q3 Store Count 239