No big surprise here. All of Urban Outfitters’ brands experienced a sales dip over the last quarter of 2008. Free People had the biggest dip, which considering their niche is not a shock.
From the Associated Press:
Specialty apparel retailer Urban Outfitters Inc. said Thursday that its same-store sales dipped 1 percent in the fiscal fourth quarter due to current economic conditions.
Retailers have been squeezed as consumers pull back on discretionary spending due to the prolonged housing downturn, rising food costs, eroding credit and rising unemployment.
Same-store sales for its namesake brand increased 3 percent in the quarter, while Anthropologie’s same-store sales dropped 6 percent. Free People’s same-store sales slid 13 percent.
Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
For the quarter ended Jan. 31, total sales climbed 9 percent to $508 million.
Analysts polled by Thomson Reuters forecast revenue of $524.7 million.
Full-year same-store sales rose 8 percent, while total sales surged 22 percent to $1.8 billion.
Well it wasn't because of me….I am embarrassed to say how much I spent in the last month at Anthro. Not surprising though….