(MENAFN) Philadelphia-based Urban Outfitters Inc. reported an 8 percent increase in quarterly profits, on higher sales at its namesake and Anthropologie stores, AP reported.
The Clothing and home decor retailer said it made USD61.3 million net profit during its fiscal second quarter ended in July, up from USD56.7 million a year ago. Revenue rose 11 percent to USD676.3 million.
Companywide sales at stores open at least one year rose 4 percent but fell 1 percent after excluding direct-to-consumer sales.
By segment, sales rose 14 percent at the Urban Outfitters chain and 3 percent at Anthropologie. The company also operates the Free People wholesale business.
CEO Richard A. Hayne said Urban Outfitters expects gradual improvement in the company's business along with tighter inventories the rest of the year.
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