Lackluster Assortment Leads to Underwhelming 1Q Results for Urban Outfitters; Shares Inexpensive
No-moat Urban Outfitter's performance in the first quarter felt short of our expectations, with comparable retail sales growth at just 1% (versus our 2% estimate) and the gross margin contracting 170 basis points to 31.1% (40 basis points below our estimate). This reduction in profitability was primarily because of higher markdown rates, owing to of weaker apparel assortment than the prior year (particularly for women's apparel in the Anthropologie and Urban Outfitters brands), and deleveraged l...Urban Outfitters is engaged in the operation of a general consumer product retail and wholesale business selling to customers through various channels including retail locations, websites, catalogs and mobile applications. The company has two segments: Retail, which consists of its Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands and its Food and Beverage division; and Wholesale, which designs, develops and markets young women's contemporary casual apparel, intimates, FP Movement activewear and shoes under the Free People brand, home goods, including gifts, tabletop and textiles, under the Anthropologie brand and the BDG apparel collection under the Urban Outfitters brand.
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