Urban Outfitters’ Third-Quarter Profitability Falls; Maintaining Cautious Margin Outlook
Urban Outfitters posted mixed top-line results and a negative margin trajectory in the third quarter, leaving us comfortable with our long-term assumption for average annual mid-single-digit top-line growth over the next five years and operating margin remaining roughly flat at current levels (10% range). Without any competitive cost advantages (the basis for our no moat rating), we think the company will be unable to return to historic operating margin levels (11.7% average over the last three ...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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