Urban Outfitters Achieves Solid Margin Improvement in 4Q; Shares Undervalued
No-moat Urban Outfitters ended its fiscal year on a strong note, with fourth-quarter adjusted earnings per share of $0.83 outpacing our $0.78 estimate. Although fourth-quarter sales growth of 3.7% fell slightly short of our more than 4% expectation, profitability came in ahead of our outlook, with adjusted gross margin expanding 100 basis points to 33.3% (around 30 basis points above our expectation) and adjusted operating margin expanding 80 basis points to 10.4% (40 basis points above our expe...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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