219
Fashion Jobs
SHIMANO
Brand Coordinator
Permanent · UPPSALA
L'OREAL GROUP
Pharmacy Representative - Dermatological Beauty Division - Gothenburg Region
Permanent ·
GANT
Business Controller
Permanent · STOCKHOLM
GANT
Senior Business Controller
Permanent · STOCKHOLM
H&M
Operations Manager to h&m Distribution Center Borås
Permanent · BORÅS
H&M
Web Analyst / qa Data Layer Resource
Permanent · STOCKHOLM
H&M
Data Analyst to h&m – Supply Planning
Permanent · STOCKHOLM
H&M
Engineering Manager Sap Platforms, Sap Dev & Tech
Permanent · STOCKHOLM
H&M
Wifi Solution Architect - Network
Permanent · STOCKHOLM
H&M
Cyber Security Iam Manager
Permanent · STOCKHOLM
NAKD
Head of Sales
Permanent · GOTHENBURG
NAKD
Head of Commercial Business Control
Permanent · GOTHENBURG
H&M
Pension & Benefits Administrator And Process Improver
Permanent · STOCKHOLM
H&M
Technical Engineer For Warehouse Devices Management
Permanent · STOCKHOLM
H&M
Junior Planner to h&m Assortment- Open Application
Permanent · STOCKHOLM
RALPH LAUREN
Sales Professional
Permanent · STOCKHOLM
H&M
Advanced User Team Leader
Permanent · ESKILSTUNA
ZALANDO
Principal Product Manager - Data And Platform (All Genders)
Permanent · STOCKHOLM
ESSILORLUXOTTICA GROUP
Key Account Manager Nordics
Permanent · GOTHENBURG
H&M
Production Manager – Singular Society
Permanent · STOCKHOLM
ZALANDO
Senior Product Manager - Finance & Compliance (All Genders)
Permanent · STOCKHOLM
ZALANDO
Senior Product Manager - Returns Shipping Solutions
Permanent · STOCKHOLM
Ads
Translated by
Erin Floyd
Published
Aug 22, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Urban Outfitters group sees profits drop in first half of the year

Translated by
Erin Floyd
Published
Aug 22, 2019

The Urban Outfitters group’s start to the year has failed to live up to its performance a year ago. The US giant, owner of namesake brand Urban Outfitters as well as Anthropologie, Free People, and Nuuly, had seen its turnover increase by 9.3% during the 2019 financial year but has reported a sluggish start to its current fiscal with revenue down by 1% to $1.826 billion.


Urban Outfitters’ autumn 2019 collection - Urban Outfitters


The second quarter showed a more pronounced decline in sales than the first with a decline of 3% globally. “The second quarter results are disappointing,” said Trish Donnelly, global CEO of Urban Outfitters. “The Urban Outfitters brand posted negative sales of 5% on a like-for-like basis, due to an underperformance in the women’s ready-to-wear segment.”

During the first six months of the 2019 calendar year, as of July 31 2019, the business’ profits dropped significantly by 30.7%, settling at $92.9 million, compared to $134 million reported for the first half of the 2018 calendar year. Group president and CEO Richard Hayne explained that “sales and margins below our expectations” led to “higher year-over-year markdowns and lower margins,” and that “lower store traffic accentuated negative store comp performance and weighed on overall results.”

The performance of the group’s brands was not the same across the board as Urban Outfitters saw a 4.2% drop in turnover to $671 billion but Anthropologie, which is set to open two stores in Paris’ Opera and Marais districts, remained stable at $749 million. Free People saw a slight increase of 1.1% to $392 million over the first half of the year.

From February 1 to July 31, the group added seven new global stores to its total of close to 600 and closed another five. The Philadelphia-based business is looking for answers as to why fashion purchasing behaviour is changing. The business thus launched Nuuly in the US on July 30, a business that facilitates subscription-based clothing rentals. 

Despite the group’s rather flat start to the year, the Hayne remains confident and stressed that the third quarter of the year looks more favourable.

“I am pleased to announced that the reaction of our customers to our early autumn offerings has improved significantly compared to our second quarter results," he said. "Third quarter sales are currently positive for our three brands.” 

Copyright © 2024 FashionNetwork.com All rights reserved.