Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products
and services company which operates a portfolio of global consumer
brands comprised of the Anthropologie, BHLDN, Free People, FP
Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues
brands, today announced net income of $54 million and record first
quarter earnings per diluted share of $0.54 for the three months
ended April 30, 2021.
Due to the material impact of COVID-19 on our
business operations in fiscal 2021, including mandated store
closures, this release includes a comparison of fiscal 2022 results
to fiscal 2020, in addition to a comparison of fiscal 2022 results
to fiscal 2021. Management views the comparison of fiscal 2022
results to fiscal 2020 as the more meaningful measurement of the
Company’s business performance.
Sales Results for Fiscal 2022 Compared to
Fiscal 2020 and Fiscal 2021
Total Company net sales for the three months
ended April 30, 2021, were a record $927 million. Net sales
increased 7.3% compared to the three months ended April 30, 2019.
Comparable Retail segment net sales increased 10%, driven by strong
double-digit growth in digital channel sales, partially offset by
negative retail store sales due to reduced store traffic impacted
by temporary store closures and occupancy restrictions in Europe
and Canada. By brand, comparable Retail segment net sales increased
44% at the Free People Group, 9% at Urban Outfitters and 1% at
the Anthropologie Group. Total Retail segment net sales also
increased 10%. Wholesale segment net sales decreased 24% due in
part to realigning the Free People brand customer base to focus on
more regular price selling.
Total Company net sales for the three months
ended April 30, 2021, increased 57.6% compared to the three months
ended April 30, 2020. Comparable Retail segment net sales increased
51%, driven by strong double-digit growth in both retail store and
digital channel sales. By brand, comparable Retail segment net
sales increased 77% at the Free People Group, 50% at
the Anthropologie Group and 42% at Urban Outfitters.
Total Retail segment net sales increased 53%. Wholesale segment net
sales increased 196%. Net sales for the three months ended April
30, 2020, were significantly impacted by the COVID-19 pandemic
including mandated store closures for all of the Company’s stores
and the majority of its wholesale partners.
“The first quarter was one for the record books;
record sales, a record low markdown rate, and record earnings per
share,” said Richard A. Hayne, Chief Executive Officer. “Strong
‘comps’ were driven by powerful demand and superb execution by all
teams. In May, sales trends have accelerated further which we
believe bodes well for second quarter results,” finished Mr.
Hayne.
Net sales by brand and segment for the three-month periods were
as follows:
|
Three Months Ended |
|
|
April 30, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Net sales by brand |
|
|
|
|
|
|
|
|
|
|
|
Urban
Outfitters |
$ |
349,681 |
|
|
$ |
237,320 |
|
|
$ |
316,806 |
|
Anthropologie Group |
|
353,567 |
|
|
|
234,075 |
|
|
|
354,988 |
|
Free
People Group |
|
212,751 |
|
|
|
107,664 |
|
|
|
186,191 |
|
Menus
& Venues |
|
3,596 |
|
|
|
3,154 |
|
|
|
6,428 |
|
Nuuly
(1) |
|
7,820 |
|
|
|
6,270 |
|
|
|
— |
|
Total
Company |
$ |
927,415 |
|
|
$ |
588,483 |
|
|
$ |
864,413 |
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Net sales by segment |
|
|
|
|
|
|
|
|
|
|
|
Retail Segment |
$ |
857,486 |
|
|
$ |
561,232 |
|
|
$ |
782,563 |
|
Wholesale Segment |
|
62,109 |
|
|
|
20,981 |
|
|
|
81,850 |
|
Subscription Segment (1) |
|
7,820 |
|
|
|
6,270 |
|
|
|
— |
|
Total
Company |
$ |
927,415 |
|
|
$ |
588,483 |
|
|
$ |
864,413 |
|
(1) |
The Subscription segment (which is comprised of the Nuuly brand)
began operations on July 30, 2019. |
|
|
Operating Results for the Three Months
Ended April 30, 2021, Compared to Three Months Ended April 30,
2019
Total Company net sales for the three months
ended April 30, 2021, were a record $927 million. Net sales
increased 7.3% compared to the three months ended April 30, 2019.
Comparable Retail segment net sales increased 10%, driven by strong
double-digit growth in digital channel sales, partially offset by
negative retail store sales due to reduced store traffic impacted
by temporary store closures and occupancy restrictions in Europe
and Canada. By brand, comparable Retail segment net sales increased
44% at the Free People Group, 9% at Urban Outfitters and 1% at
the Anthropologie Group. Total Retail segment net sales also
increased 10%. Wholesale segment net sales decreased 24% due in
part to realigning the Free People brand customer base to focus on
more regular price selling.
For the three months ended April 30, 2021, the
gross profit rate increased to 32.4% from 31.1% in the three months
ended April 30, 2019. Gross profit dollars increased 11.7% to
$300.7 million from $269.1 million. The increase in gross profit
rate was primarily due to record low first quarter merchandise
markdown rates in the Retail segment and benefits associated with
negotiated rent concessions with landlords and international
government assistance programs. All three brands recorded lower
merchandise markdown rates with the Urban Outfitters and Free
People brands achieving record low first quarter merchandise
markdown rates. This was partially offset by an increase in
delivery and logistics expenses and lower initial merchandise
markups. Delivery and logistics expense deleverage was primarily
driven by the increased penetration of the digital channel as well
as an increase in home category net sales. Lower initial
merchandise markups are primarily due to higher inbound freight and
logistics expenses.
As of April 30, 2021, total inventory increased
by $69.4 million, or 17.0%, compared to total inventory as of April
30, 2019. The increase in inventory is due to the improving sales
trend as well as ongoing challenges in the supply chain. Due
to extended lead times, we are bringing in product earlier to
ensure we can meet our sales demand. As a result, while Retail
segment comparable inventory was down 3% as compared to April 30,
2019, the significant increase in inventory in-transit more than
offset it.
For the three months ended April 30, 2021,
selling, general and administrative expenses decreased by $1.9
million, or 0.8%, compared to the three months ended April 30,
2019, and expressed as a percentage of net sales, decreased to
24.5% from 26.5% in the three months ended April 30, 2019. The
leverage in selling, general and administrative expenses as a rate
to sales and decrease in dollars was primarily related to
disciplined store payroll management and overall expense control.
This was partially offset by an increase in digital marketing
expenses during the quarter to support the strong digital sales and
customer growth.
The Company’s effective tax rate for the three
months ended April 30, 2021, was 27.0% compared to 23.7% in the
three months ended April 30, 2019. The increase in the effective
tax rate for the three months ended April 30, 2021, was primarily
due to the ratio of foreign taxable losses to global taxable
profits and a lower benefit of equity activity compared to the
three months ended April 30, 2019.
Net income for the three months ended April 30, 2021, was $54
million and record first quarter earnings per diluted share was
$0.54.
Operating Results for the Three Months
Ended April 30, 2021, Compared to Three Months Ended April 30,
2020
Total Company net sales for the three months
ended April 30, 2021, increased 57.6% compared to the three months
ended April 30, 2020. Comparable Retail segment net sales increased
51%, driven by strong double-digit growth in both retail store and
digital channel sales. By brand, comparable Retail segment net
sales increased 77% at the Free People Group, 50% at
the Anthropologie Group and 42% at Urban Outfitters.
Total Retail segment net sales increased 53%. Wholesale segment net
sales increased 196%. Net sales for the three months ended April
30, 2020, were significantly impacted by the COVID-19 pandemic
including mandated store closures for all of the Company’s stores
and the majority of its wholesale partners.
For the three months ended April 30, 2021, the
gross profit rate increased to 32.4% from 2.0% in the prior year’s
comparable period. Gross profit dollars increased by $288.8 million
to $300.7 million from $11.8 million in the prior year’s comparable
period. The increase in gross profit rate was due to the negative
impacts the COVID-19 mandated store closures had on the Company’s
Retail segment and its partners in the Wholesale segment in the
prior year quarter. The mandated store closures resulted in a
significant deleverage in store occupancy and an increase in
merchandise markdowns in the prior year quarter. The Company also
recorded a meaningful increase in inventory obsolescence reserves
in the prior year quarter due to the impact the store closures had
on the aging of the Company’s inventory. Finally, during the prior
year quarter the Company recorded a $14.5 million store impairment
charge.
As of April 30, 2021, total inventory increased
by $142.1 million, or 42.3%, on a year-over-year basis. During the
three months ended April 30, 2020, the Company cancelled or delayed
many orders to reduce inventory levels as a result of the
significant impacts the COVID-19 pandemic was having on its
operations, particularly with the mandated store closures, and
recorded a meaningful increase in inventory obsolescence
reserves.
For the three months ended April 30, 2021,
selling, general and administrative expenses increased by $16.6
million, or 7.9%, compared to the prior year’s comparable period
and expressed as a percentage of net sales, decreased to 24.5% from
35.8% in the prior year’s comparable period. The leverage in
selling, general and administrative expenses for the three months
ended April 30, 2021, was primarily related to leverage in store
and field management expense due to the Company continuing to
employ and pay a large portion of regional and store management
teams despite store closures and reduced sales related to the
COVID-19 pandemic in the prior year quarter. Additionally, in
the prior year quarter the Company recorded a significant increase
in allowance for doubtful accounts reserves for wholesale customer
accounts receivables as a result of the significant disruption and
uncertainty in the wholesale macro environment due to the COVID-19
pandemic.
The Company’s effective tax rate for the three
months ended April 30, 2021, was an expense of 27.0% compared to a
benefit of 30.3% in the prior year period.
Net income for the three months ended April 30,
2021, was $54 million and record first quarter earnings per diluted
share was $0.54.
Other Information
On August 22, 2017, the Company’s Board of
Directors authorized the repurchase of 20 million common shares
under a share repurchase program. On June 4, 2019, the Company’s
Board of Directors authorized the repurchase of 20 million common
shares under a new share repurchase program. During the three
months ended April 30, 2021, the Company did not repurchase any
shares. During the year ended January 31, 2021, the Company
repurchased and subsequently retired 0.5 million common shares for
approximately $7 million. These shares were repurchased prior
to the known spread of the COVID-19 pandemic in the United
States that forced the Company to close its stores for an
extended period of time. As of April 30, 2021, 25.9 million
common shares were remaining under the programs.
During the three months ended April 30,
2021, the Company opened a total of twelve new retail locations
including: six Free People Group stores (including one FP Movement
store), four Urban Outfitters stores and
two Anthropologie Group stores; and closed two Free
People Group stores and one Anthropologie Group store. During
the three months ended April 30, 2021, no franchisee-owned
stores were opened or closed.
Urban Outfitters, Inc., offers
lifestyle-oriented general merchandise and consumer products and
services through a portfolio of global consumer brands comprised of
251 Urban Outfitters stores in the United
States, Canada and Europe and websites;
238 Anthropologie Group stores in the United
States, Canada and Europe, catalogs and websites;
153 Free People Group stores in the United
States, Canada and Europe, catalogs and websites, 11
Menus & Venues restaurants and 1 Urban
Outfitters franchisee-owned store, as of April 30, 2021.
Free People, FP Movement and Urban
Outfitters wholesale sell their products through department
and specialty stores worldwide, digital businesses and the
Company’s Retail segment.
A conference call will be held today to discuss
first quarter results and will be webcast at 5:30 pm. ET at:
https://edge.media-server.com/mmc/p/jq8yytc5
This news release is being made pursuant
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Certain matters contained
in this release may contain forward-looking statements. When used
in this release, the words “project,” “believe,” “plan,” “will,”
“anticipate,” “expect” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
one, or all, of the following factors could cause actual financial
results to differ materially from those financial results mentioned
in the forward-looking statements: the impacts of public health
crises such as the coronavirus (COVID-19) pandemic, overall
economic and market conditions and worldwide political events and
the resultant impact on consumer spending patterns, the difficulty
in predicting and responding to shifts in fashion trends, changes
in the level of competitive pricing and promotional activity and
other industry factors, the effects of the implementation of the
United Kingdom's withdrawal from membership in the European Union
(commonly referred to as “Brexit”), including currency
fluctuations, economic conditions and legal or regulatory changes,
any effects of war, terrorism and civil unrest, natural disasters,
severe or unseasonable weather conditions (including as a result of
climate change) or public health crises, increases in labor costs,
increases in raw material costs, availability of suitable retail
space for expansion, timing of store openings, risks associated
with international expansion, seasonal fluctuations in gross sales,
response to new store concepts, our ability to integrate
acquisitions, risks associated with digital sales, our ability to
maintain and expand our digital sales channels, any material
disruptions or security breaches with respect to our technology
systems, the departure of one or more key senior executives, import
risks (including any shortage of transportation capacities or
delays at ports), changes to U.S. and foreign trade policies
(including the enactment of tariffs, border adjustment taxes or
increases in duties or quotas), the closing or disruption of, or
any damage to, any of our distribution centers, our ability to
protect our intellectual property rights, failure of our
manufacturers and third-party vendors to comply with our social
compliance program, risks related to environmental, social and
governance activities, changes in our effective income tax rate,
changes in accounting standards and subjective assumptions,
regulatory changes and legal matters and other risks identified in
our filings with the Securities and Exchange Commission. The
Company disclaims any intent or obligation to update
forward-looking statements even if experience or future changes
make it clear that actual results may differ materially from any
projected results expressed or implied therein.
(Tables follow)
URBAN OUTFITTERS,
INC.Condensed Consolidated Statements of
Operations(amounts in thousands, except share and per
share data)(unaudited)
|
Three Months Ended |
|
|
April 30, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
927,415 |
|
|
$ |
588,483 |
|
|
$ |
864,413 |
|
Cost of sales (excluding store
impairment) |
|
626,764 |
|
|
|
562,112 |
|
|
|
595,357 |
|
Store impairment |
|
— |
|
|
|
14,528 |
|
|
|
— |
|
Gross profit |
|
300,651 |
|
|
|
11,843 |
|
|
|
269,056 |
|
Selling, general and
administrative expenses |
|
227,148 |
|
|
|
210,578 |
|
|
|
229,036 |
|
Income (loss) from operations |
|
73,503 |
|
|
|
(198,735 |
) |
|
|
40,020 |
|
Other (loss) income, net |
|
(155 |
) |
|
|
162 |
|
|
|
2,680 |
|
Income (loss) before income taxes |
|
73,348 |
|
|
|
(198,573 |
) |
|
|
42,700 |
|
Income tax expense
(benefit) |
|
19,801 |
|
|
|
(60,131 |
) |
|
|
10,115 |
|
Net income (loss) |
$ |
53,547 |
|
|
$ |
(138,442 |
) |
|
$ |
32,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.55 |
|
|
$ |
(1.41 |
) |
|
$ |
0.31 |
|
Diluted |
$ |
0.54 |
|
|
$ |
(1.41 |
) |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
98,108,245 |
|
|
|
97,910,314 |
|
|
|
104,437,460 |
|
Diluted |
|
99,322,220 |
|
|
|
97,910,314 |
|
|
|
105,340,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A PERCENTAGE OF NET
SALES |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales (excluding store
impairment) |
|
67.6 |
% |
|
|
95.5 |
% |
|
|
68.9 |
% |
Store impairment |
|
— |
|
|
|
2.5 |
% |
|
|
— |
|
Gross profit |
|
32.4 |
% |
|
|
2.0 |
% |
|
|
31.1 |
% |
Selling, general and
administrative expenses |
|
24.5 |
% |
|
|
35.8 |
% |
|
|
26.5 |
% |
Income (loss) from operations |
|
7.9 |
% |
|
|
-33.8 |
% |
|
|
4.6 |
% |
Other (loss) income, net |
|
0.0 |
% |
|
|
0.1 |
% |
|
|
0.3 |
% |
Income (loss) before income taxes |
|
7.9 |
% |
|
|
-33.7 |
% |
|
|
4.9 |
% |
Income tax expense
(benefit) |
|
2.1 |
% |
|
|
-10.2 |
% |
|
|
1.1 |
% |
Net income (loss) |
|
5.8 |
% |
|
|
-23.5 |
% |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
URBAN OUTFITTERS,
INC.Condensed Consolidated Balance
Sheets(amounts in thousands, except share
data)(unaudited)
|
April 30, |
|
|
January 31, |
|
|
April 30, |
|
|
April 30, |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
364,247 |
|
|
$ |
395,635 |
|
|
$ |
588,740 |
|
|
$ |
291,199 |
|
Marketable securities |
|
164,430 |
|
|
|
174,695 |
|
|
|
65,121 |
|
|
|
229,163 |
|
Accounts receivable, net of allowance for doubtful accounts of
$2,155, $4,028, $6,304 and $892, respectively |
|
85,307 |
|
|
|
89,952 |
|
|
|
55,910 |
|
|
|
88,390 |
|
Inventory |
|
477,777 |
|
|
|
389,618 |
|
|
|
335,640 |
|
|
|
408,362 |
|
Prepaid expenses and other current assets |
|
189,268 |
|
|
|
173,432 |
|
|
|
131,517 |
|
|
|
122,183 |
|
Total current assets |
|
1,281,029 |
|
|
|
1,223,332 |
|
|
|
1,176,928 |
|
|
|
1,139,297 |
|
Property and equipment, net |
|
988,973 |
|
|
|
967,422 |
|
|
|
880,353 |
|
|
|
829,072 |
|
Operating lease right-of-use assets |
|
1,093,037 |
|
|
|
1,114,762 |
|
|
|
1,116,597 |
|
|
|
1,088,290 |
|
Marketable securities |
|
100,680 |
|
|
|
123,662 |
|
|
|
13,272 |
|
|
|
93,894 |
|
Deferred income taxes and other assets |
|
115,888 |
|
|
|
117,167 |
|
|
|
169,054 |
|
|
|
101,267 |
|
Total Assets |
$ |
3,579,607 |
|
|
$ |
3,546,345 |
|
|
$ |
3,356,204 |
|
|
$ |
3,251,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
251,944 |
|
|
$ |
237,386 |
|
|
$ |
104,702 |
|
|
$ |
174,258 |
|
Current portion of operating lease liabilities |
|
246,226 |
|
|
|
254,703 |
|
|
|
243,671 |
|
|
|
214,443 |
|
Short-term debt (1) |
|
— |
|
|
|
— |
|
|
|
220,000 |
|
|
|
— |
|
Accrued expenses, accrued compensation and other current
liabilities |
|
393,430 |
|
|
|
414,043 |
|
|
|
315,204 |
|
|
|
259,478 |
|
Total current liabilities |
|
891,600 |
|
|
|
906,132 |
|
|
|
883,577 |
|
|
|
648,179 |
|
Non-current portion of operating lease liabilities |
|
1,060,228 |
|
|
|
1,074,009 |
|
|
|
1,088,932 |
|
|
|
1,092,180 |
|
Long-term debt (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Deferred rent and other liabilities |
|
93,270 |
|
|
|
88,846 |
|
|
|
85,587 |
|
|
|
63,490 |
|
Total Liabilities |
|
2,045,098 |
|
|
|
2,068,987 |
|
|
|
2,058,096 |
|
|
|
1,803,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares; $.0001 par value, 10,000,000 shares authorized,
none issued |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common shares; $.0001 par value, 200,000,000 shares authorized,
98,235,127, 97,815,985, 97,777,322 and 103,599,364 shares issued
and outstanding, respectively |
10 |
|
|
10 |
|
|
10 |
|
|
10 |
|
Additional paid-in-capital |
|
17,585 |
|
|
|
19,360 |
|
|
|
3,593 |
|
|
|
— |
|
Retained earnings |
|
1,528,655 |
|
|
|
1,475,108 |
|
|
|
1,335,430 |
|
|
|
1,478,678 |
|
Accumulated other comprehensive loss |
|
(11,741 |
) |
|
|
(17,120 |
) |
|
|
(40,925 |
) |
|
|
(30,717 |
) |
Total Shareholders’ Equity |
|
1,534,509 |
|
|
|
1,477,358 |
|
|
|
1,298,108 |
|
|
|
1,447,971 |
|
Total Liabilities and Shareholders’ Equity |
$ |
3,579,607 |
|
|
$ |
3,546,345 |
|
|
$ |
3,356,204 |
|
|
$ |
3,251,820 |
|
(1) |
As noted in the Company’s Quarterly Report on Form 10-Q for the
period ended July 31, 2020, the Company reclassified the borrowings
under the Amended Credit Facility as of April 30, 2020 from
long-term debt to short-term debt. See Note 6 in such filing for
further discussion. |
|
|
URBAN OUTFITTERS,
INC.Condensed Consolidated Statements of Cash
Flows(amounts in thousands)(unaudited)
|
|
Three Months Ended |
|
|
|
April 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
53,547 |
|
|
$ |
(138,442 |
) |
|
$ |
32,585 |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
25,633 |
|
|
|
27,924 |
|
|
|
27,809 |
|
Non-cash lease expense |
|
|
45,422 |
|
|
|
48,370 |
|
|
|
46,626 |
|
Provision (benefit) for deferred income taxes |
|
|
37 |
|
|
|
(14,388 |
) |
|
|
4,163 |
|
Share-based compensation expense |
|
|
4,570 |
|
|
|
4,872 |
|
|
|
5,553 |
|
Store impairment |
|
|
— |
|
|
|
14,528 |
|
|
|
— |
|
Loss on disposition of property and equipment, net |
|
|
121 |
|
|
|
439 |
|
|
|
552 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
4,760 |
|
|
|
32,118 |
|
|
|
(8,003 |
) |
Inventory |
|
|
(87,427 |
) |
|
|
71,759 |
|
|
|
(38,551 |
) |
Prepaid expenses and other assets |
|
|
(1,355 |
) |
|
|
(50,542 |
) |
|
|
(12,396 |
) |
Payables, accrued expenses and other liabilities |
|
|
43,442 |
|
|
|
(29,071 |
) |
|
|
15,081 |
|
Operating lease liabilities |
|
|
(51,644 |
) |
|
|
(27,219 |
) |
|
|
(47,526 |
) |
Net cash provided by (used in) operating activities |
|
|
37,106 |
|
|
|
(59,652 |
) |
|
|
25,893 |
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for property and equipment |
|
|
(42,589 |
) |
|
|
(43,518 |
) |
|
|
(37,716 |
) |
Cash paid for marketable securities |
|
|
(94,889 |
) |
|
|
(45,517 |
) |
|
|
(129,896 |
) |
Sales and maturities of marketable securities |
|
|
73,848 |
|
|
|
311,258 |
|
|
|
151,761 |
|
Net cash (used in) provided by investing activities |
|
|
(63,630 |
) |
|
|
222,223 |
|
|
|
(15,851 |
) |
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under debt |
|
|
— |
|
|
|
220,000 |
|
|
|
— |
|
Proceeds from the exercise of stock options |
|
|
1,073 |
|
|
|
— |
|
|
|
974 |
|
Share repurchases related to share repurchase program |
|
|
— |
|
|
|
(7,036 |
) |
|
|
(71,242 |
) |
Share repurchases related to taxes for share-based awards |
|
|
(7,418 |
) |
|
|
(3,720 |
) |
|
|
(5,383 |
) |
Net cash (used in) provided by financing activities |
|
|
(6,345 |
) |
|
|
209,244 |
|
|
|
(75,651 |
) |
Effect
of exchange rate changes on cash and cash equivalents |
|
|
1,481 |
|
|
|
(4,914 |
) |
|
|
(1,452 |
) |
(Decrease) increase in cash and cash equivalents |
|
|
(31,388 |
) |
|
|
366,901 |
|
|
|
(67,061 |
) |
Cash and
cash equivalents at beginning of period |
|
|
395,635 |
|
|
|
221,839 |
|
|
|
358,260 |
|
Cash and
cash equivalents at end of period |
|
$ |
364,247 |
|
|
$ |
588,740 |
|
|
$ |
291,199 |
|
Contact: |
Oona McCullough |
Executive Director of Investor
Relations |
(215) 454-4806 |
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