Urban Outfitters, Inc. · NASDAQ:URBN
Urban Outfitters — Q1 FY2025 Earnings Presentation
22 slides from Urban Outfitters's earnings presentation, May 2024
Slide 1: FY'25 Q1 Results
Urban Outfitters, Inc. F Y ’ 25 Q1 RESULTS
Slide 2: Introduction
Introduction Urban Outfitters, Inc. “URBN” is providing fiscal 2025 first quarter commentary ahead of our earnings call scheduled for May 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. Our f
Slide 3: Important Information Regarding Non-GAAP Financial Measures
Important Information Regarding Non-GAAP Financial Measures In addition to evaluating the financial condition and results of our operations in accordance with U.S. generally accepted accounting principles (“GAAP ”), from time to time our management evaluates and analyzes results and any impact on th
Slide 4: Table of Contents
Table of Contents Key Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Sales by Segment. . . . . . . . . . . . . . . .
Slide 5: Key Financial Highlights
Key Financial Highlights Three Months Ended URBN sales for the first quarter increased by 8% to a record $1.20 billion. The increase in sales was due to a 6% increase in Retail segment sales, a 51% increase April 30, 2024 April 30, 2023 in Nuuly segment sales and a 3% increase in Wholesale segment s
Slide 6: Sales by Segment
Sales by Segment Three Months Ended Total Company or URBN sales for the first quarter ($ in millions) Variance (unaudited) increased by 8% to a record $1.20 billion. URBN Retail April 30, 2024 April 30, 2023 $ % segment sales increased 6% to $1.06 billion, with Retail segment comparable sales increa
Slide 7: Revenue Metrics (Anthropologie)
Revenue Metrics Three Months Ended Total Anthropologie sales increased 11% to $526 million ($ in millions) Variance (unaudited) for the quarter. April 30, 2024 April 30, 2023 $ % Retail segment sales increased 11%, with comparable Total Sales $ 526.4 $ 473.6 $ 52.8 11% sales increasing 10%. The incr
Slide 8: Revenue Metrics (Free People)
Revenue Metrics Three Months Ended Total Free People sales increased by 16% to $319 million ($ in millions) Variance (unaudited) for the quarter. This increase was due to an increase April 30, 2024 April 30, 2023 $ % in Retail segment sales of 19% and a 6% increase in Wholesale segment sales. Total
Slide 9: Revenue Metrics (Urban Outfitters)
Revenue Metrics Three Months Ended Total Urban Outfitters sales decreased by 12% to $270 ($ in millions) Variance (unaudited) million for the quarter. April 30, 2024 April 30, 2023 $ % Retail segment sales decreased 12%, with comparable Total Sales $ 270.3 $ 308.7 $ (38.4) (12%) sales decreasing 14%
Slide 10: Revenue and Subscription Metrics
Revenue and Subscription Metrics Three Months Ended ($ in millions) Variance (unaudited) April 30, 2024 April 30, 2023 $ % Total Sales $ 77.9 $ 51.5 $ 26.4 51% Nuuly Subscribers Nuuly segment sales for the first quarter increased by 51% to $78 million, primarily driven by a 45% 250,000 increase in a
Slide 11: Adjusted Gross Profit by Segment
Adjusted Gross Profit by Segment Three Months Ended Adjusted gross profit dollars increased by 11% to $413 million for the ($ in millions) Variance (unaudited) quarter, while adjusted gross profit rate increased 106 bps to 34.4%. April 30, 2024 April 30, 2023 $ % The increase in adjusted gross profi
Slide 12: SG&A–Total Company
SG&A–Total Company Three Months Ended Selling general & administrative (‘SG&A’) expenses ($ in millions) Variance (unaudited) increased by 11% to $334 million while SG&A expenses April 30, 2024 April 30, 2023 $ % as a percentage of sales deleveraged by 87 bps to 27.8%. The deleverage in SG&A expense
Slide 13: Adjusted Operating Income by Segment
Adjusted Operating Income by Segment Three Months Ended Adjusted operating income dollars increased by 11% ($ in millions) Variance (unaudited) to $79 million while adjusted operating income rate April 30, 2024 April 30, 2023 $ % increased by 19 bps to 6.6%. The increase in adjusted operating income
Slide 14: Income Statement Summary
Income Statement Summary ($ in millions) Three Months Ended April 30, 2024 (share count in millions) The adjusted effective tax (unaudited) rate for the first quarter As Reported % of Net Sales Total Adjustments Adjusted % of Net Sales was 23% compared to an effective tax rate of 27% Net Sales $ 1,2
Slide 15: Income Statement Summary
Income Statement Summary ($ in millions) Three Months Ended (share count in millions) (unaudited) April 30, 2023 % of Net Sales Net Sales $ 1,113.7 100.0% Cost of Sales 742.5 66.7 Gross Profit 371.2 33.3 Selling, General and Admin. Expenses 299.8 26.9 Income from Operations 71.4 6.4 Other Income, Ne
Slide 16: Balance Sheet Summary
Balance Sheet Summary ($ in millions) As of April 30, 2024, cash and (unaudited) April 30, 2024 April 30, 2023 marketable securities totaled $774 million with $0 drawn down on our Assets $350 million asset backed line of Cash and Cash Equivalents $ 174 $ 172 credit facility. Marketable Securities 31
Slide 17: Cash Flows Summary
Cash Flows Summary ($ in millions) Three Months Ended (unaudited) April 30, 2024 April 30, 2023 Cash Flows from Operating Activities Net Income $ 62 $ 53 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation & Amortization 28 24 Inventory (30) (2) Payables, A
Slide 18: Inventory Data
Inventory Data ($ in millions) Cost Variance (unaudited) April 30, 2024 April 30, 2023 $ % URBN Total Inventory $ 579.0 $ 590.3 $ (11.3) (2%) Retail Segment Total Inventory $ 531.7 $ 544.0 $ (12.3) (2%) Retail Segment Comparable Inventory by Brand 437.8 459.2 $ (21.4) (5%) Anthropologie 222.7 239.2
Slide 19: 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 first quarter, capital expenditures were $41 million while depreciation & amortization wa
Slide 20: Shares Outstanding
Shares Outstanding ($ 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 – – Total Cost $ 217 $7 $ 56 $ 112 – – The Company did not repurchase any shares during the quarter. The Compa
Slide 21: Global Retail Stores Summary
Global Retail Stores Summary Q1 FY’25 Q2–Q4 FY’25 Projected Open as of Open as of Projected Projected Open as of January 31, 2024 Openings Closings April 30, 2024 Openings Closings January 31, 2025 Anthropologie NA 218 2 1 219 11 5 225 Anthropologie EU 19 – – 19 – – 19 Total Anthropologie 237 2 1 23
Slide 22: 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