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 $127 million and earnings per
diluted share of $1.28 for the three months ended July 31, 2021.
For the six months ended July 31, 2021, net income was $181 million
and earnings per diluted share were $1.82.
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. Management views the comparison of fiscal 2022
results to fiscal 2020 as the more meaningful measurement of the
Company’s business performance.
Total Company net sales for the three months
ended July 31, 2021, were a record $1.16 billion. Net sales
increased 20.3% compared to the three months ended July 31, 2019.
Comparable Retail segment net sales increased 22%, driven by strong
double-digit growth in digital channel sales, partially offset by
low single-digit negative retail store sales due to reduced store
traffic. By brand, comparable Retail segment net sales increased
53% at the Free People Group, 20% at Urban Outfitters and 14%
at the Anthropologie Group. Total Retail segment net sales
increased 24%. Wholesale segment net sales decreased 30% primarily
from reducing the Free People Group’s sales to promotional
wholesale customers.
For the six months ended July 31, 2021,
total Company net sales increased 14.1% compared to the six months
ended July 31, 2019. Comparable Retail segment net sales increased
17%, driven by strong double-digit growth in digital channel sales,
partially offset by double-digit negative retail store sales due to
reduced store traffic resulting from temporary store closures and
occupancy restrictions in Europe and Canada. Wholesale segment net
sales decreased 27% primarily from reducing the Free People Group’s
sales to promotional wholesale customers.
“We’re pleased to report record second quarter
sales and earnings driven by extraordinary performance at all three
brands,” said Richard A. Hayne, Chief Executive Officer.
“Congratulations to all Brand, Creative and Shared teams for the
exceptional execution that led to a 110% increase in earnings per
share over fiscal 2020,” finished Mr. Hayne.
Net sales by brand and segment for the three and six-month
periods were as follows:
|
Three Months Ended |
|
|
July 31, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Net sales by
brand |
|
|
|
|
|
|
|
|
|
|
|
Urban Outfitters |
$ |
441,616 |
|
|
$ |
323,889 |
|
|
$ |
355,045 |
|
Anthropologie Group |
|
450,593 |
|
|
|
295,126 |
|
|
|
394,280 |
|
Free People Group |
|
249,708 |
|
|
|
178,019 |
|
|
|
205,940 |
|
Menus & Venues |
|
5,869 |
|
|
|
1,560 |
|
|
|
7,064 |
|
Nuuly (1) |
|
9,939 |
|
|
|
4,672 |
|
|
|
— |
|
Total Company |
$ |
1,157,725 |
|
|
$ |
803,266 |
|
|
$ |
962,329 |
|
|
Three Months Ended |
|
|
July 31, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Net sales by
segment |
|
|
|
|
|
|
|
|
|
|
|
Retail Segment |
$ |
1,089,022 |
|
|
$ |
757,471 |
|
|
$ |
878,693 |
|
Wholesale Segment |
|
58,764 |
|
|
|
41,123 |
|
|
|
83,636 |
|
Subscription Segment (1) |
|
9,939 |
|
|
|
4,672 |
|
|
|
— |
|
Total Company |
$ |
1,157,725 |
|
|
$ |
803,266 |
|
|
$ |
962,329 |
|
|
Six Months Ended |
|
|
July 31, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Net sales by
brand |
|
|
|
|
|
|
|
|
|
|
|
Urban Outfitters |
$ |
791,297 |
|
|
$ |
561,209 |
|
|
$ |
671,851 |
|
Anthropologie Group |
|
804,160 |
|
|
|
529,201 |
|
|
|
749,268 |
|
Free People Group |
|
462,459 |
|
|
|
285,683 |
|
|
|
392,131 |
|
Menus & Venues |
|
9,465 |
|
|
|
4,714 |
|
|
|
13,492 |
|
Nuuly (1) |
|
17,759 |
|
|
|
10,942 |
|
|
|
— |
|
Total Company |
$ |
2,085,140 |
|
|
$ |
1,391,749 |
|
|
$ |
1,826,742 |
|
|
Six Months Ended |
|
|
July 31, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Net sales by
segment |
|
|
|
|
|
|
|
|
|
|
|
Retail Segment |
$ |
1,946,508 |
|
|
$ |
1,318,703 |
|
|
$ |
1,661,256 |
|
Wholesale Segment |
|
120,873 |
|
|
|
62,104 |
|
|
|
165,486 |
|
Subscription Segment (1) |
|
17,759 |
|
|
|
10,942 |
|
|
|
— |
|
Total Company |
$ |
2,085,140 |
|
|
$ |
1,391,749 |
|
|
$ |
1,826,742 |
|
(1) The
Subscription segment (which is comprised of the Nuuly brand) began
operations on July 30, 2019.
For the three months ended July 31, 2021, the
gross profit rate increased by 478 basis points compared to the
three months ended July 31, 2019. Gross profit dollars increased by
$119.4 million to $435.3 million from $315.9 million in the three
months ended July 31, 2019. The increase in gross profit rate was
primarily due to record low second quarter merchandise markdown
rates in the Retail segment and a leverage in store occupancy
expense primarily due to the increased penetration of the digital
channel in Retail segment net sales. All three brands recorded
lower merchandise markdown rates with the Urban Outfitters and
Anthropologie brands achieving record low second quarter
merchandise markdown rates. This was partially offset by a
deleverage in delivery and logistics expenses. Delivery and
logistics expense deleverage was primarily driven by the increased
penetration of the digital channel. Logistics expense also
deleveraged due to increased wages at our distribution and
fulfillment centers in order to attract and retain appropriate
levels of employees.
For the six months ended July 31, 2021, the
gross profit rate increased by 327 basis points compared to the six
months ended July 31, 2019. Gross profit dollars increased by
$151.0 million to $735.9 million from $584.9 million in the six
months ended July 31, 2019. The increase in gross profit rate was
primarily due to record low first half merchandise markdown rates
in the Retail segment and a leverage in store occupancy expense due
to the increased penetration of the digital channel in Retail
segment net sales. All three brands recorded record low first half
merchandise markdown rates. This was partially offset by a
deleverage in delivery and logistics expenses. Delivery and
logistics expense deleverage was primarily driven by the increased
penetration of the digital channel. Logistics expense also
deleveraged due to increased wages at our distribution and
fulfillment centers in order to attract and retain appropriate
levels of employees.
As of July 31, 2021, total inventory increased
by $43.1 million, or 9.8%, compared to total inventory as of July
31, 2019. The increase in inventory was due to the increase in net
sales.
For the three months ended July 31, 2021,
selling, general and administrative expenses increased by $31.6
million, or 13.3%, compared to the three months ended July 31,
2019, and expressed as a percentage of net sales, decreased to
23.3% from 24.7% in the three months ended July 31, 2019. The
leverage in selling, general and administrative expenses as a rate
to sales was primarily related to disciplined store payroll
management and overall expense control that was partially offset by
a deleverage in digital marketing and creative expenses during the
quarter to support the strong digital sales and customer growth.
The increase in dollars was primarily driven by the increase in
digital marketing and creative expenses partially offset by the
reduction in direct selling expenses due to the lower retail store
net sales.
For the six months ended July 31, 2021, selling,
general, and administrative expense increased by $29.7 million, or
6.4%, compared to the prior year’s comparable period and expressed
as a percentage of net sales, decreased to 23.8% from 25.5% in the
six months ended July 31, 2019. The leverage in selling, general
and administrative expenses as a rate to sales was primarily
related to disciplined store payroll management and overall expense
control that was partially offset by a deleverage in digital
marketing and creative expenses during the period to support the
strong digital sales and customer growth. The increase in dollars
was primarily driven by the increase in digital marketing and
creative expenses to support the overall growth of the Company
partially offset by the reduction in direct selling expenses due to
the lower retail store net sales.
The Company’s effective tax rate for the three
months ended July 31, 2021, was 22.4% compared to 26.0% in the
three months ended July 31, 2019. The Company’s effective tax rate
for the six months ended July 31, 2021, was 23.8% compared to 25.2%
in the six months ended July 31, 2019. The decrease in the
effective tax rate for the three and six months ended July 31,
2021, was primarily due to the ratio of foreign taxable profits to
global taxable profits.
Net income for the three months ended July 31,
2021, was $127 million and record second quarter earnings per
diluted share were $1.28. Net income for the six months ended July
31, 2021, was $181 million and record first half earnings per
diluted share were $1.82.
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 six months
ended July 31, 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 July 31, 2021, 25.9 million
common shares were remaining under the programs.
During the six months ended July 31, 2021,
the Company opened a total of 28 new retail locations including: 15
Free People Group stores (including 7 FP Movement stores),
9 Urban Outfitters stores and 4 Anthropologie
Group stores; and closed 6 retail locations including: 2 Free
People Group stores, 2 Anthropologie Group stores, 1 Urban
Outfitters store and 1 Menus & Venues restaurant. During the
six months ended July 31, 2021, 1 Urban Outfitters
franchisee-owned store and 1 Anthropologie Group franchisee-owned
store were opened.
Urban Outfitters, Inc., offers
lifestyle-oriented general merchandise and consumer products and
services through a portfolio of global consumer brands comprised of
255 Urban Outfitters stores in the United
States, Canada and Europe and websites;
239 Anthropologie Group stores in the United
States, Canada and Europe, catalogs and websites;
162 Free People Group stores in the United
States, Canada and Europe, catalogs and websites, 10
Menus & Venues restaurants, 2 Urban
Outfitters franchisee-owned stores and 1 Anthropologie Group
franchisee-owned store, as of July 31, 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
second quarter results and will be webcast at 5:30 pm. ET at:
https://edge.media-server.com/mmc/p/di4txumm
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 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 |
|
|
July 31, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,157,725 |
|
|
$ |
803,266 |
|
|
$ |
962,329 |
|
Cost of sales |
|
722,460 |
|
|
|
565,228 |
|
|
|
646,454 |
|
Gross profit |
|
435,265 |
|
|
|
238,038 |
|
|
|
315,875 |
|
Selling, general and
administrative expenses |
|
269,412 |
|
|
|
168,619 |
|
|
|
237,814 |
|
Income from operations |
|
165,853 |
|
|
|
69,419 |
|
|
|
78,061 |
|
Other (loss) income, net |
|
(1,797 |
) |
|
|
(533 |
) |
|
|
3,498 |
|
Income before income taxes |
|
164,056 |
|
|
|
68,886 |
|
|
|
81,559 |
|
Income tax expense |
|
36,794 |
|
|
|
34,486 |
|
|
|
21,239 |
|
Net income |
$ |
127,262 |
|
|
$ |
34,400 |
|
|
$ |
60,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.29 |
|
|
$ |
0.35 |
|
|
$ |
0.61 |
|
Diluted |
$ |
1.28 |
|
|
$ |
0.35 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
98,315,441 |
|
|
|
97,778,749 |
|
|
|
99,095,562 |
|
Diluted |
|
99,601,292 |
|
|
|
98,104,918 |
|
|
|
99,602,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A PERCENTAGE OF NET
SALES |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales |
|
62.4 |
% |
|
|
70.4 |
% |
|
|
67.2 |
% |
Gross profit |
|
37.6 |
% |
|
|
29.6 |
% |
|
|
32.8 |
% |
Selling, general and
administrative expenses |
|
23.3 |
% |
|
|
21.0 |
% |
|
|
24.7 |
% |
Income from operations |
|
14.3 |
% |
|
|
8.6 |
% |
|
|
8.1 |
% |
Other (loss) income, net |
|
(0.1 |
%) |
|
|
(0.0 |
%) |
|
|
0.4 |
% |
Income before income taxes |
|
14.2 |
% |
|
|
8.6 |
% |
|
|
8.5 |
% |
Income tax expense |
|
3.2 |
% |
|
|
4.3 |
% |
|
|
2.2 |
% |
Net income |
|
11.0 |
% |
|
|
4.3 |
% |
|
|
6.3 |
% |
URBAN OUTFITTERS,
INC.Condensed Consolidated Statements of
Operations(amounts in thousands, except share and per
share data)(unaudited)
|
Six Months Ended |
|
|
July 31, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
2,085,140 |
|
|
$ |
1,391,749 |
|
|
$ |
1,826,742 |
|
Cost of sales (excluding store
impairment) |
|
1,349,224 |
|
|
|
1,127,340 |
|
|
|
1,241,811 |
|
Store impairment |
|
— |
|
|
|
14,528 |
|
|
|
— |
|
Gross profit |
|
735,916 |
|
|
|
249,881 |
|
|
|
584,931 |
|
Selling, general and
administrative expenses |
|
496,560 |
|
|
|
379,197 |
|
|
|
466,850 |
|
Income (loss) from operations |
|
239,356 |
|
|
|
(129,316 |
) |
|
|
118,081 |
|
Other (loss) income, net |
|
(1,952 |
) |
|
|
(371 |
) |
|
|
6,178 |
|
Income (loss) before income taxes |
|
237,404 |
|
|
|
(129,687 |
) |
|
|
124,259 |
|
Income tax expense
(benefit) |
|
56,595 |
|
|
|
(25,645 |
) |
|
|
31,354 |
|
Net income (loss) |
$ |
180,809 |
|
|
$ |
(104,042 |
) |
|
$ |
92,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.84 |
|
|
$ |
(1.06 |
) |
|
$ |
0.91 |
|
Diluted |
$ |
1.82 |
|
|
$ |
(1.06 |
) |
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
98,213,555 |
|
|
|
97,843,796 |
|
|
|
101,722,244 |
|
Diluted |
|
99,463,468 |
|
|
|
97,843,796 |
|
|
|
102,427,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A PERCENTAGE OF NET
SALES |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales (excluding store
impairment) |
|
64.7 |
% |
|
|
81.0 |
% |
|
|
68.0 |
% |
Store impairment |
|
— |
|
|
|
1.0 |
% |
|
|
— |
|
Gross profit |
|
35.3 |
% |
|
|
18.0 |
% |
|
|
32.0 |
% |
Selling, general and
administrative expenses |
|
23.8 |
% |
|
|
27.3 |
% |
|
|
25.5 |
% |
Income (loss) from operations |
|
11.5 |
% |
|
|
(9.3 |
%) |
|
|
6.5 |
% |
Other (loss) income, net |
|
(0.1 |
%) |
|
|
(0.0 |
%) |
|
|
0.3 |
% |
Income (loss) before income taxes |
|
11.4 |
% |
|
|
(9.3 |
%) |
|
|
6.8 |
% |
Income tax expense
(benefit) |
|
2.7 |
% |
|
|
(1.8 |
%) |
|
|
1.7 |
% |
Net income (loss) |
|
8.7 |
% |
|
|
(7.5 |
%) |
|
|
5.1 |
% |
URBAN OUTFITTERS,
INC.Condensed Consolidated Balance
Sheets(amounts in thousands, except share
data)(unaudited)
|
July 31, |
|
|
January 31, |
|
|
July 31, |
|
|
July 31, |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
464,811 |
|
|
$ |
395,635 |
|
|
$ |
662,860 |
|
|
$ |
162,018 |
|
Marketable securities |
|
156,982 |
|
|
|
174,695 |
|
|
|
501 |
|
|
|
171,398 |
|
Accounts receivable, net of allowance for doubtful accounts of
$1,302, $4,028, $4,123 and $939, respectively |
|
94,402 |
|
|
|
89,952 |
|
|
|
60,441 |
|
|
|
95,131 |
|
Inventory |
|
483,148 |
|
|
|
389,618 |
|
|
|
351,771 |
|
|
|
440,087 |
|
Prepaid expenses and other current assets |
|
196,070 |
|
|
|
173,432 |
|
|
|
195,393 |
|
|
|
131,763 |
|
Total current assets |
|
1,395,413 |
|
|
|
1,223,332 |
|
|
|
1,270,966 |
|
|
|
1,000,397 |
|
Property and equipment,
net |
|
1,047,751 |
|
|
|
967,422 |
|
|
|
889,126 |
|
|
|
867,434 |
|
Operating lease right-of-use
assets |
|
1,068,919 |
|
|
|
1,114,762 |
|
|
|
1,134,678 |
|
|
|
1,085,543 |
|
Marketable securities |
|
113,249 |
|
|
|
123,662 |
|
|
|
9,216 |
|
|
|
78,857 |
|
Deferred income taxes and
other assets |
|
117,556 |
|
|
|
117,167 |
|
|
|
121,292 |
|
|
|
105,814 |
|
Total Assets |
$ |
3,742,888 |
|
|
$ |
3,546,345 |
|
|
$ |
3,425,278 |
|
|
$ |
3,138,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
240,245 |
|
|
$ |
237,386 |
|
|
$ |
207,261 |
|
|
$ |
181,955 |
|
Current portion of operating lease liabilities |
|
243,338 |
|
|
|
254,703 |
|
|
|
270,326 |
|
|
|
209,072 |
|
Accrued expenses, accrued compensation and other current
liabilities |
|
462,782 |
|
|
|
414,043 |
|
|
|
293,629 |
|
|
|
235,106 |
|
Total current liabilities |
|
946,365 |
|
|
|
906,132 |
|
|
|
771,216 |
|
|
|
626,133 |
|
Non-current portion of
operating lease liabilities |
|
1,030,212 |
|
|
|
1,074,009 |
|
|
|
1,102,250 |
|
|
|
1,090,623 |
|
Long-term debt |
|
— |
|
|
|
— |
|
|
|
120,000 |
|
|
|
— |
|
Deferred rent and other
liabilities |
|
96,891 |
|
|
|
88,846 |
|
|
|
81,219 |
|
|
|
59,885 |
|
Total Liabilities |
|
2,073,468 |
|
|
|
2,068,987 |
|
|
|
2,074,685 |
|
|
|
1,776,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares; $.0001 par value, 10,000,000 shares authorized,
none issued |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common shares; $.0001 par value, 200,000,000 shares authorized,
98,357,090, 97,815,985, 97,779,586 and 97,965,012 shares issued and
outstanding, respectively |
10 |
|
|
10 |
|
|
10 |
|
|
10 |
|
Additional paid-in-capital |
|
26,581 |
|
|
|
19,360 |
|
|
|
9,956 |
|
|
|
— |
|
Retained earnings |
|
1,655,917 |
|
|
|
1,475,108 |
|
|
|
1,369,830 |
|
|
|
1,398,681 |
|
Accumulated other comprehensive loss |
|
(13,088 |
) |
|
|
(17,120 |
) |
|
|
(29,203 |
) |
|
|
(37,287 |
) |
Total Shareholders’ Equity |
|
1,669,420 |
|
|
|
1,477,358 |
|
|
|
1,350,593 |
|
|
|
1,361,404 |
|
Total Liabilities and Shareholders’ Equity |
$ |
3,742,888 |
|
|
$ |
3,546,345 |
|
|
$ |
3,425,278 |
|
|
$ |
3,138,045 |
|
URBAN OUTFITTERS,
INC.Condensed Consolidated Statements of Cash
Flows(amounts in thousands) (unaudited)
|
|
Six Months Ended |
|
|
|
July 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
180,809 |
|
|
$ |
(104,042 |
) |
|
$ |
92,905 |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
51,223 |
|
|
|
53,388 |
|
|
|
55,395 |
|
Non-cash lease expense |
|
|
95,097 |
|
|
|
97,655 |
|
|
|
94,173 |
|
(Benefit) provision for deferred income taxes |
|
|
(1,275 |
) |
|
|
(17,074 |
) |
|
|
1,107 |
|
Share-based compensation expense |
|
|
11,968 |
|
|
|
11,257 |
|
|
|
11,461 |
|
Store impairment |
|
|
— |
|
|
|
14,528 |
|
|
|
— |
|
Loss on disposition of property and equipment, net |
|
|
121 |
|
|
|
679 |
|
|
|
593 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
(4,349 |
) |
|
|
27,912 |
|
|
|
(15,032 |
) |
Inventory |
|
|
(93,049 |
) |
|
|
58,002 |
|
|
|
(71,899 |
) |
Prepaid expenses and other assets |
|
|
4,272 |
|
|
|
(62,170 |
) |
|
|
(23,121 |
) |
Payables, accrued expenses and other liabilities |
|
|
61,586 |
|
|
|
94,196 |
|
|
|
16,009 |
|
Operating lease liabilities |
|
|
(111,210 |
) |
|
|
(59,115 |
) |
|
|
(100,338 |
) |
Net cash provided by operating activities |
|
|
195,193 |
|
|
|
115,216 |
|
|
|
61,253 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for property and equipment |
|
|
(105,624 |
) |
|
|
(72,103 |
) |
|
|
(116,465 |
) |
Cash paid for marketable securities |
|
|
(165,927 |
) |
|
|
(92,949 |
) |
|
|
(235,094 |
) |
Sales and maturities of marketable securities |
|
|
148,582 |
|
|
|
383,056 |
|
|
|
320,411 |
|
Net cash (used in) provided by investing activities |
|
|
(122,969 |
) |
|
|
218,004 |
|
|
|
(31,148 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under debt |
|
|
— |
|
|
|
220,000 |
|
|
|
— |
|
Repayments of debt |
|
|
— |
|
|
|
(100,000 |
) |
|
|
— |
|
Proceeds from the exercise of stock options |
|
|
2,816 |
|
|
|
— |
|
|
|
974 |
|
Share repurchases related to share repurchase program |
|
|
— |
|
|
|
(7,036 |
) |
|
|
(217,421 |
) |
Share repurchases related to taxes for share-based awards |
|
|
(7,562 |
) |
|
|
(3,742 |
) |
|
|
(5,429 |
) |
Net cash (used in) provided by financing activities |
|
|
(4,746 |
) |
|
|
109,222 |
|
|
|
(221,876 |
) |
Effect of exchange rate changes
on cash and cash equivalents |
|
|
1,698 |
|
|
|
(1,421 |
) |
|
|
(4,471 |
) |
Increase (decrease) in cash and
cash equivalents |
|
|
69,176 |
|
|
|
441,021 |
|
|
|
(196,242 |
) |
Cash and cash equivalents at
beginning of period |
|
|
395,635 |
|
|
|
221,839 |
|
|
|
358,260 |
|
Cash and cash equivalents at end
of period |
|
$ |
464,811 |
|
|
$ |
662,860 |
|
|
$ |
162,018 |
|
|
Contact: |
Oona McCullough |
|
|
Executive Director of Investor
Relations |
|
|
(215) 454-4806 |
Urban Outfitters (NASDAQ:URBN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Urban Outfitters (NASDAQ:URBN)
Historical Stock Chart
From Apr 2023 to Apr 2024