URBN reports 3% decline in sales to $962 million

URBN has reported that its second quarter sales fell by 3% to $962 million.

Comparable sales in the three months to July 31^st dropped by 3%.  This comes as the company struggled against slower sales in its stores.

Free People saw an increase of 6% in its comparable sales, however sales at URBN’s other brands Anthropologie and Urban Outfitters decline be 3% and 5% respectively.

Wholesale sales decreased by 8% in the period.

Net income reached $60 million in the three months compared to $93 million in the same period last year.

Urban Outfitters chief executive Richard Hayne said, “I am pleased to report that customer reaction to our early fall apparel assortments have improved significantly from our second quarter results. Third quarter-to-date ‘comp’ sales are positive at all three brands.”