Urban Outfitters Inc (URBN, Financial) has posted an increase of 6.3% in net sales to $1.36 billion with net income of $102.9 million or $1.10 per diluted share of common stock for the third quarter of the fiscal 2024.
While the Urban Outfitters brand itself struggled, but its Anthropologie and Free People brands were thriving and drove the overall growth. And therefore, the company has been able to reduce aggressive discounting, indicating some recovery.
Welcoming the holiday season, this lifestyle retailer expects mid-single digital sales growth in the fourth quarter as it saw improving demand since August despite inflation and various global issues looming.
After showing some signs of recovery and growth, challenges still loom with its core brand and broader market conditions. Adapting to the market conditions, the company is considering closures to some of its stores, relocate and even resizing its stores.
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