.UrbanOutfitters continues to feel the effects of inflation as it manages rising costs along the supply chain and excess inventory.
In addition, SG&A expense was up for the quarter by 7.2 percent, or $19.3 million, driven by increased store payroll costs. The company said the need for higher wages to retain workers, coupled with rising store traffic at some brands, caused payroll expenses to rise.
Urban Outfitters isn’t the first retailer to be strapped with price increases along the supply chain and excess inventory. A number of retailers,Still, Richard A. Hayne, chief executive officer of Urban Outfitters Inc., said in a statement that he was “pleased to announce record second-quarter sales fueled by strong ‘comps’ at theTop line, the retailer’s numbers were more encouraging. Total revenues for the three-month period ending July 31, rose 2.2 percent to more than $1.
Meanwhile, the Free People and Anthropologie brands continue to be growth drivers, with sales for the quarter up 8 percent and 7 percent, respectively.fell 9 percent during the quarter to approximately $396 million, down from nearly $442 million last year. Net sales at rental brand Nuuly grew by $18.8 million to $28.7 million, up from $9.9 million last year, thanks to an increase in new subscribers. The company said the rental subscription service is nearly 100,000 customers.
“For the Urban brand customer, who is younger and less affluent, the current inflation is economically crippling,” he said.
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