No-moat Urban Outfitters capitalizes on improved merchandising and demand.
Investor exhilaration over no-moat Urban Outfitters’ fourth-quarter 4% retail segment comparable sales growth (a significant acceleration from negative comps in the first half and 1% growth in the third quarter) was tempered by a 120 basis point decline in adjusted gross margin to 32.3%. We still believe that there is long-term adjusted operating margin upside from savings from the store reorganization project, leverage, and reduced markdown rates, but that this will be moderated by deleverage i...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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