Urban Outfitters Delivers Improved 3Q Retail Performance Across All Divisions; Shares Fairly Valued
Urban Outfitters’ impressive third-quarter performance with consolidated comparable retail segment sales growth of 1% (or 2% excluding the hurricane impact, versus a 5% decline last quarter and a 3% decline in the first quarter) speaks to improved apparel execution across all channels and brands. That said, we still believe the firm lacks an economic moat and that performance will be volatile as it experiences fashion hits and misses. Furthermore, we note that mix shifts to the direct-to-consume...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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