Urban Outfitters’ net income increased to $117.5 million in Q2, FY24 with total net income for the first six months of the year amounting to $179.3 million. The company’s net sales for the quarter rose by 6.3 per centto $1.35 billion, driven by a 2 per cent growth in comparable retail segment sales and a 3.1 per cent increase in overall retail segment sales.

In H1, FY24, Urban Outfitters’ net sales grew by 7 per cent to $2.55 billion, supported by a 3.2 per cent rise in comparable retail segment sales and a 4.4 per cent increase in overall retail segment sales.

The growth was fuelled by a rise in all three segments – retail, Nuuly, and wholesale. Four of the company’s five brands delivered record operating profits during the second quarter, notes Richard A. Hayne, CEO.

Performance of the company’s individual brands also remained performance. Net sales of the comparable retail segment increased by 7.1 per centat Free People, by6.7 per cent at Anthropologie, and 9.3 per cent at Urban Outfitters.Net sales of the Nuuly segment rose by 62.6 per cent as the average number of members increased by 55 per cent increase in the average number of active members.

Net sales in the wholesale category also increased by 15.1 per cent. This was largely driven by a 17.5% increase in sales at Free People, although this was slightly offset by a decline in sales at Urban Outfitters.

During the first half of the year, Urban Outfitters expanded its retail footprint by opening 19 new locations, including nine Free People stores, five Urban Outfitters stores, and five Anthropologie stores. Simultaneously, the company closed nine retail locations, comprising four Urban Outfitters stores, three Anthropologie stores, and two Free People stores.