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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Urban Outfitters, Inc.    URBN

URBAN OUTFITTERS, INC. (URBN)
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URBAN OUTFITTERS : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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09/10/2018 | 10:20pm CEST

Certain matters contained in this filing with the United States Securities and Exchange Commission ("SEC") may contain forward-looking statements and are being made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. When used in this Quarterly Report on Form 10-Q, the words "project," "believe," "plan," "will," "anticipate," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any one, or all, of the following factors could cause actual financial results to differ materially from those financial results mentioned in the forward-looking statements: the difficulty in predicting and responding to shifts in fashion trends, changes in the level of competitive pricing and promotional activity and other industry factors, overall economic and market conditions and worldwide political events and the resultant impact on consumer spending patterns, any effects of war, terrorism and civil unrest, natural disasters or severe or unseasonable weather conditions, increases in labor costs, increases in raw material costs, availability of suitable retail space for expansion, timing of store openings, risks associated with international expansion, seasonal fluctuations in gross sales, the departure of one or more key senior executives, import risks, changes to U.S. and foreign trade policies, including the enactment of tariffs, border adjustment taxes or increases in duties or quotas, the closing or disruption of, or any damage to, any of our distribution centers, our ability to protect our intellectual property rights, risks associated with internet sales, our ability to maintain and expand our digital sales channels, response to new store concepts, our ability to integrate acquisitions, failure of our manufacturers and third-party vendors to comply with our social compliance program, changes in our effective income tax rate, the impact of the U.S. Tax Cuts and Jobs Act, changes in accounting standards and subjective assumptions, regulatory changes and legal matters and other risks identified in our filings with the SEC, including those set forth in Item 1A of our Annual Report on Form 10-K for the fiscal year ended January 31, 2018, filed on April 2, 2018. We disclaim any intent or obligation to update forward-looking statements even if experience or future changes make it clear that actual results may differ materially from any projected results expressed or implied therein.

Unless the context otherwise requires, all references to the "Company," "we," "us" or "our" refer to Urban Outfitters, Inc., together with its subsidiaries.

Overview

We operate two reportable segments: a leading lifestyle specialty Retail segment and a Wholesale segment. Our Retail segment consists of our Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands and our Food and Beverage division. Our Retail segment consumer products and services are sold directly to our customers through our stores, websites, mobile applications, catalogs and customer contact centers and franchised or third-party operated stores and digital businesses. The Wholesale segment consists of our Free People and Anthropologie brands that sell through department and specialty stores worldwide, digital businesses and our Retail segment. The Wholesale segment primarily designs, develops and markets young women's contemporary casual apparel, intimates, FP Movement activewear and shoes under the Free People brand and home goods including gifts, tabletop and textiles under the Anthropologie brand.

Our fiscal year ends on January 31. All references to our fiscal years refer to the fiscal years ended on January 31 in those years. For example, our fiscal year 2019 will end on January 31, 2019.

Retail Segment

Our omni-channel strategy enhances our customers' brand experience by providing a seamless approach to the customer shopping experience. All available shopping channels are fully integrated, including stores, websites, mobile applications, catalogs and customer contact centers. Our investments in areas such as marketing campaigns and technology advancements are designed to generate demand for the omni-channel and not the separate store or digital channels. Store sales are primarily fulfilled from that store's inventory, but may also be shipped from any of our fulfillment centers or from a different store location if an item is not available at the original store. We also allow customers to view in-store inventory from our websites and mobile applications. Digital orders are primarily shipped to our customers through our fulfillment centers, but may also be shipped from any store, or a combination of fulfillment centers and stores depending on the availability of particular items. Digital orders may also be picked up at a store location, and customers may also return certain merchandise purchased through digital channels at store


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locations. As our customers continue to shop across multiple channels, we have adapted our approach towards meeting this demand. Due to the availability of like product in a variety of shopping channels, we source these products utilizing single stock keeping units based on the omni-channel demand rather than the demand of the separate channels. These and other technological capabilities allow us to better serve our customers and help us complete sales that otherwise may not have occurred due to out-of-stock positions. We manage and analyze our performance based on a single omni-channel rather than separate channels and believe that the omni-channel results present the most meaningful and appropriate measure of our performance.

Our comparable Retail segment net sales data is equal to the sum of our comparable store and comparable digital channel net sales. A store is considered to be comparable if it has been open at least 12 full months, unless it was materially expanded or remodeled within that year or was not otherwise operating at its full capacity within that year. A digital channel is considered to be comparable if it has been operational for at least 12 full months. Sales from stores and digital channels that do not fall within the definition of comparable store or channel are considered to be non-comparable. Franchise revenue and the effects of foreign currency translation are also considered non-comparable.

We monitor customer traffic, average unit selling price, transactions and average units per transaction at our stores, and customer sessions, average order value and conversion rates on our websites and mobile applications. We believe that changes in any of these metrics may be caused by a response to our brands' fashion offerings, our marketing and digital marketing campaigns, circulation of our catalogs and an overall growth in brand recognition.

Urban Outfitters targets young adults aged 18 to 28 through a unique merchandise mix, compelling store environment, websites and mobile applications through a product offering that includes women's and men's fashion apparel, activewear, intimates, footwear, accessories, home goods, electronics and beauty. A large portion of our merchandise is exclusive to Urban Outfitters, consisting of an assortment of product designed internally and designed in collaboration with third-party brands. Urban Outfitters stores are in street locations in large metropolitan areas and select university communities, specialty centers and enclosed malls that accommodate our customers' propensity not only to shop, but also to congregate with their peers. Urban Outfitters operates websites and mobile applications in North America and Europe that capture the spirit of the brand by offering a similar yet broader selection of merchandise as found in its stores, offers a catalog in Europe offering select merchandise, most of which is also available in its stores, and partners with third-party digital marketplaces to offer a limited selection of merchandise which is available online in Asia. Urban Outfitters' North American and European Retail segment net sales accounted for approximately 29.8% and 8.2% of consolidated net sales, respectively, for the six months ended July 31, 2018, compared to 30.1% and 7.1%, respectively, for the comparable period in fiscal 2018.

The Anthropologie Group consists of the Anthropologie, Bhldn and Terrain brands. Merchandise at the Anthropologie brand is tailored to sophisticated and contemporary women aged 28 to 45. Product assortment includes women's casual apparel, accessories, intimates, shoes, home furnishings, a diverse array of gifts and decorative items and beauty and wellness. The Bhldn brand emphasizes every element that contributes to a wedding. The Bhldn brand offers a curated collection of heirloom quality wedding gowns, bridesmaid frocks, party dresses, assorted jewelry, headpieces, footwear, lingerie and decorations. The Terrain brand is designed to appeal to women and men interested in a creative and sophisticated outdoor living and gardening experience. Merchandise includes lifestyle home, garden and outdoor living products, antiques, live plants, flowers, wellness products and accessories. Anthropologie Group stores are located in specialty centers, upscale street locations and enclosed malls. The Anthropologie Group operates websites and mobile applications in North America and Europe that capture the spirit of its brands by offering a similar yet broader selection of merchandise as found in its stores. In addition, the Anthropologie brand offers catalogs in North America and Europe that market select merchandise, most of which is also available in Anthropologie brand stores. We plan to open additional Anthropologie Group stores, some of which may be expanded format stores that include multiple Anthropologie Group brands and that allow us to present an expanded assortment of products in certain categories. The Anthropologie Group's North American and European Retail segment net sales accounted for approximately 38.6% and 1.7% of consolidated net sales, respectively, for the six months ended July 31, 2018, compared to 39.6% and 1.6%, respectively, for the comparable period in fiscal 2018.

Free People focuses its product offering on private label merchandise targeted to young contemporary women aged 25 to 30 and provides a unique merchandise mix of casual women's apparel, intimates, FP Movement activewear, shoes, accessories, home products, gifts and beauty and wellness. Free People stores are located in


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enclosed malls, upscale street locations and specialty centers. Free People operates websites and mobile applications in North America, Europe and Asia that capture the spirit of the brand by offering a similar yet broader selection of merchandise as found in its stores, as well as substantially all of the Free People wholesale offerings. Free People also offers a catalog that markets select merchandise, most of which is also available in our Free People stores, and partners with third-party digital marketplaces to offer a limited selection of merchandise which is available online in Asia. Free People's Retail segment net sales accounted for approximately 11.9% of consolidated net sales for the six months ended July 31, 2018, compared to approximately 11.4% for the comparable period in fiscal 2018.

The Food and Beverage division focuses on a dining experience that provides excellence in food, beverage and service. The Food and Beverage division net sales accounted for less than 1.0% of consolidated net sales for the six months ended July 31, 2018 and the comparable period in fiscal 2018.

Store data for the six months ended July 31, 2018, was as follows:



                                        January 31,      Stores      Stores      July 31,
                                           2018          Opened      Closed        2018
    Urban Outfitters
    United States                                180           -           -           180
    Canada                                        18           -           -            18
    Europe                                        47           2          (1 )          48
    Urban Outfitters Global Total                245           2          (1 )         246
    Anthropologie Group
    United States                                204           1          (1 )         204
    Canada                                        12           -           -            12
    Europe                                        10           1           -            11
    Anthropologie Group Global Total             226           2          (1 )         227
    Free People
    United States                                126           3           -           129
    Canada                                         6           -           -             6
    Free People Global Total                     132           3           -           135
    Food and Beverage
    United States                                 10           -           -            10
    Food and Beverage Total                       10           -           -            10
    Total Company-Owned Stores                   613           7          (2 )         618
    Franchisee-Owned Stores                        -           2           -             2
    Total URBN                                   613           9          (2 )         620




Selling square footage by brand as of July 31, 2018 and July 31, 2017, was as
follows:



                                               July 31,       July 31,
                                                 2018           2017         Change
     Selling square footage (in thousands):
     Urban Outfitters                              2,208          2,202          0.3 %
     Anthropologie Group                           1,750          1,720          1.7 %
     Free People                                     298            277          7.6 %
     Total URBN (1)                                4,256          4,199          1.4 %


     (1) Food and Beverage restaurants and franchise stores are not included in
         selling square footage.

We plan to open approximately 18 new stores during fiscal 2019, including five Urban Outfitters stores, four Anthropologie Group stores, six Free People stores and three Food and Beverage restaurants. We plan to close approximately 13 stores during fiscal 2019, including five Urban Outfitters stores, two Anthropologie Group stores


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and six Free People stores, all due to lease expirations. Within the United States and Canada, we are at or close to our desired maximum store count for the Urban Outfitters, Anthropologie and Free People brands. We plan for growth for all three brands to come from expansion internationally, which may include opening stores in new and existing markets or entering into additional franchise or joint venture agreements.

Wholesale Segment

Our Wholesale segment consists of the Free People and Anthropologie brands that sell through approximately 2,100 department and specialty stores worldwide, digital businesses and our Retail segment. The Wholesale segment primarily designs, develops and markets young women's contemporary casual apparel, intimates, FP Movement activewear and shoes under the Free People brand and home goods including gifts, tabletop and textiles under the Anthropologie brand. The Anthropologie wholesale division was established in the third quarter of fiscal 2018. Our Wholesale segment net sales accounted for approximately 9.2% of consolidated net sales for the six months ended July 31, 2018, compared to 9.4% for the comparable period in fiscal 2018.

Critical Accounting Policies and Estimates

Our Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States. These generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses during the reporting period.

Our senior management has reviewed the critical accounting policies and estimates with the Audit Committee of our Board of Directors. Our significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," in the Notes to our Consolidated Financial Statements for the fiscal year ended January 31, 2018, which are included in our Annual Report on Form 10-K filed with the SEC on April 2, 2018. Critical accounting policies are those that are most important to the portrayal of our financial condition, results of operations and cash flows and require management's most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. If actual results were to differ significantly from estimates made, the reported results could be materially affected. We are not currently aware of any reasonably likely events or circumstances that would cause our actual results to be materially different from our estimates. We adopted new accounting standards related to revenue recognition and intra-entity asset transfers on February 1, 2018, which changed certain accounting policies (see Note 2, "Recent Accounting Pronouncements," of the Notes to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q). Other than the adoption of the new accounting standards, there have been no significant changes to our critical accounting policies during the six months ended July 31, 2018.


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Results of Operations

As a Percentage of Net Sales

The following table sets forth, for the periods indicated, the percentage of our net sales represented by certain income statement data and the change in certain income statement data from period to period. This table should be read in conjunction with the discussion that follows:



                                           Three Months Ended             Six Months Ended
                                                July 31,                      July 31,
                                           2018           2017           2018          2017
Net sales                                    100.0 %        100.0 %        100.0 %       100.0 %
Cost of sales                                 64.1           65.9           65.6          67.1
Gross profit                                  35.9           31.4           34.4          32.9
Selling, general and administrative
expenses                                      24.1           25.5           25.2          27.0
Income from operations                        11.8            8.6            9.2           5.9
Other income, net                              0.1            0.2            0.1           0.1
Income before income taxes                    11.9            8.8            9.3           6.0
Income tax expense                             2.5            3.1            2.0           2.2
Net income                                     9.4 %          5.7 %          7.3 %         3.8 %



Three Months Ended July 31, 2018 Compared To Three Months Ended July 31, 2017

Net sales in the second quarter of fiscal 2019 were $992.5 million, compared to $872.9 million in the second quarter of fiscal 2018. The $119.6 million increase was attributable to an $111.4 million, or 14.1%, increase in Retail segment net sales and a $8.2 million, or 9.9%, increase in our Wholesale segment net sales. Retail segment net sales for the second quarter of fiscal 2019 accounted for 90.9% of total net sales compared to 90.6% of total net sales in the second quarter of fiscal 2018.

The increase in our Retail segment net sales during the second quarter of fiscal 2019 was due to an increase of $100.3 million, or 13.1%, in Retail segment comparable net sales, which includes our digital channel, and an increase of $11.1 million in non-comparable net sales, including the impact of foreign currency translation and new store net sales. Retail segment comparable net sales increased 17.3% at Free People, 14.6% at Urban Outfitters and 10.6% at the Anthropologie Group. The increase in Retail segment comparable net sales was driven by continued growth in the digital channel and positive comparable store net sales. The digital channel net sales increase was driven by increases in average order value, sessions and conversion rate. Positive comparable store net sales resulted from increases in average unit selling price, transactions and units per transaction. Store traffic for the quarter increased. The increase in net sales attributable to non-comparable sales was primarily due to the impact of foreign currency translation and the result of operating nine net new stores and restaurants during the second quarter of fiscal 2019 that were not in operation for the full comparable quarter in fiscal 2018. As stated in our press release dated September 6, 2018, comparable Retail segment net sales for the third quarter of fiscal 2019 as of September 3, 2018 were 10%.

The increase in Wholesale segment net sales in the second quarter of fiscal 2019, as compared to the second quarter of fiscal 2018, was primarily due to an increase in units sold both domestically and internationally in department stores, specialty stores and digital businesses, which was partially offset by a decrease in average unit selling price.

Gross profit percentage for the second quarter of fiscal 2019 increased to 35.9% of net sales, from 34.1% of net sales in the comparable quarter in fiscal 2018. Gross profit increased to $355.8 million in the second quarter of fiscal 2019 from $297.3 million in the second quarter of fiscal 2018. The increase in gross profit percentage was primarily driven by lower markdowns at all three brands and leverage in store occupancy cost due to strong Retail segment comparable net sales. These gains were partially offset by deleverage in delivery expense due in part to the increased penetration of the digital channel. Total inventory at July 31, 2018 increased by $10.5 million, or 2.9%, to $375.7 million from $365.2 million at July 31, 2017. Comparable Retail segment inventory increased 3.2% at cost.


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Selling, general and administrative expenses as a percentage of net sales decreased during the second quarter of fiscal 2019 to 24.1% of net sales, compared to 25.5% of net sales for the second quarter of fiscal 2018. This percentage decrease was primarily driven by the net sales growth, continued savings associated with the fiscal 2018 store reorganization project and the current year benefit associated with the nonrecurring store reorganization expenses incurred in the prior year. Selling, general and administrative expenses increased by $16.8 million, or 7.6%, to $239.0 million in the second quarter of fiscal 2019, compared to the second quarter of fiscal 2018. The dollar growth in selling, general and administrative expenses was primarily due to increased direct selling and marketing expenses to support and drive the increase in Retail segment net sales and higher bonus expense, including a one-time discretionary bonus.

Income from operations increased to 11.8% of net sales, or $116.9 million, for the second quarter of fiscal 2019 compared to 8.6% of net sales, or $75.2 million, for the second quarter of fiscal 2018.

Our effective tax rate for the second quarter of fiscal 2019 was 21.7% of income before income taxes compared to 35.1% of income before income taxes in the second quarter of fiscal 2018. The decrease in the effective tax rate was primarily due to the lower federal statutory rate resulting from the U.S. Tax Cuts and Jobs Act and by favorable discrete items occurring in the second quarter of fiscal 2019 related to share-based award activity.

Six Months Ended July 31, 2018 Compared To Six Months Ended July 31, 2017

Net sales for the six months ended July 31, 2018 were $1.85 billion, compared to $1.63 billion in the comparable period of fiscal 2018. The $214.0 million increase was attributable to a $196.6 million, or 13.3%, increase in Retail segment net sales and a $17.4 million, or 11.4%, increase in our Wholesale segment net sales. Retail segment net sales for the six months ended July 31, 2018 accounted for 90.8% of total net sales compared to 90.6% of total net sales in the six months ended July 31, 2017.

The increase in our Retail segment net sales during the first six months of fiscal 2019 was due to an increase of $167.3 million, or 11.7%, in Retail segment comparable net sales, which includes our digital channel, and an increase of $29.3 million in non-comparable net sales, including the impact of foreign currency translation and new store net sales. Retail segment comparable net sales increased 16.1% at Free People, 11.6% at Urban Outfitters and 10.7% at the Anthropologie Group. The increase in Retail segment comparable net sales was driven by continued growth in the digital channel and positive comparable store net sales. The digital channel net sales increase was driven by increases in average order value, sessions and conversion rate. Positive comparable store net sales resulted from increased average unit selling price, while transactions and units per transaction were flat. Store traffic for the first half of fiscal 2019 increased. The increase in net sales attributable to non-comparable sales was primarily due to the impact of foreign currency translation and the result of operating 12 net new stores and restaurants during the first half of fiscal 2019 that were not in operation for the full comparable first half of fiscal 2018.

The increase in Wholesale segment net sales in the first six months of fiscal 2019, as compared to the first six months of fiscal 2018, was primarily due to an increase in units sold both domestically and internationally in department stores, specialty stores and digital businesses, which was partially offset by a decrease in average unit selling price.

Gross profit percentage for the first six months of fiscal 2019 increased to 34.4% of net sales, from 32.9% of net sales in the comparable period in fiscal 2018. Gross profit increased to $636.5 million for the first six months of fiscal 2019 from $537.1 million in the comparable period in fiscal 2018. The increase in gross profit percentage was primarily driven by lower markdowns at all three brands and leverage in store occupancy cost due to strong Retail segment comparable net sales. These gains were partially offset by deleverage in delivery expense due in part to the increased penetration of the digital channel.

Selling, general and administrative expenses as a percentage of net sales decreased during the first six months of fiscal 2019 to 25.2% of net sales, compared to 27.0% of net sales for the first six months of fiscal 2018. This percentage decrease was primarily driven by the net sales growth, continued savings associated with the fiscal 2018 store reorganization project and the current year benefit associated with the nonrecurring store reorganization expenses incurred in the prior year. Selling, general and administrative expenses increased by $24.8 million, or 5.6%, to $465.8 million in the first half of fiscal 2019, compared to the first half of fiscal 2018. The dollar growth in


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selling, general and administrative expenses was primarily due to increased direct selling and marketing expenses to support and drive the increase in Retail segment net sales and higher bonus expense including a one-time discretionary bonus.

Income from operations increased to 9.2% of net sales, or $170.7 million, for the first half of fiscal 2019 compared to 5.9% of net sales, or $96.2 million, for the first half of fiscal 2018.

Our effective tax rate for the first half of fiscal 2019 was 22.3% of income before income taxes compared to 37.1% of income before income taxes in the first half of fiscal 2018. The decrease in the effective tax rate was primarily due to the lower federal statutory rate resulting from the U.S. Tax Cuts and Jobs Act and by favorable discrete items occurring in the first half of fiscal 2019 related to share-based award activity.

Liquidity and Capital Resources

Cash, cash equivalents and marketable securities were $649.4 million as of July 31, 2018, as compared to $506.0 million as of January 31, 2018 and $412.9 million as of July 31, 2017. During the first six months of fiscal 2019, we generated $218.8 million in cash from operations and invested $55.6 million in property and equipment. Our working capital was $771.8 million at July 31, 2018 compared to $618.5 million at January 31, 2018 and $567.5 million at July 31, 2017.

During the last two years, we have satisfied our cash requirements primarily through our cash flow from operating activities. Our primary uses of cash have been to repurchase our common shares, open new stores, purchase inventory, fund store operations and expand our home offices and fulfillment centers. We have also continued to invest in our omni-channel capabilities and technology.

Cash Flows from Operating Activities

Cash provided by operating activities during the first six months of fiscal 2019 increased by $95.5 million to $218.8 million from $123.3 million in the first half of fiscal 2018. For both periods, our major source of cash from operations was merchandise sales and our primary outflow of cash from operations was for the payment of operational costs. The period over period increase in cash flows from operations was primarily due to higher net income.

Cash Flows from Investing Activities

Cash used in investing activities during the first six months of fiscal 2019 increased by $87.6 million to $94.4 million from $6.8 million in the first six months of fiscal 2018. Cash used in investing activities in both periods primarily related to purchases of marketable securities and property and equipment, partially offset by the sales and maturities of marketable securities. Cash paid for property and equipment in the first six months of fiscal 2019 and 2018 was $55.6 million and $43.0 million, respectively, which was primarily used to expand our store base.

Cash Flows from Financing Activities

Cash provided by financing activities during the first six months of fiscal 2019 increased by $98.8 million to a cash inflow of $7.1 million compared to a cash outflow of $91.7 million in the first six months of fiscal 2018. Cash provided by financing activities in the first six months of fiscal 2019 primarily related to proceeds from the exercise of stock options, partially offset by share repurchases related to taxes for share-based awards. Cash used in financing activities in the first six months of fiscal 2018 primarily related to $90.5 million of repurchases of our common shares under our share repurchase program.

Credit Facilities

See Note 6, "Debt," of the Notes to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information regarding the Company's debt.


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Capital and Operating Expenditures

During fiscal 2019, we plan to construct and open approximately 18 new retail locations, expand or relocate certain existing retail locations, upgrade our systems, improve our capabilities in the digital channel, invest in omni-channel marketing, expand our fulfillment capabilities and purchase inventory for our Retail and Wholesale segments at levels appropriate to maintain our planned sales growth and may repurchase common shares. We believe that our new store openings, merchandise expansion programs, international growth opportunities and our marketing, social media, website and mobile initiatives are significant contributors to our Retail segment sales growth. During fiscal 2019, we plan to continue our investment in these initiatives for all brands. We anticipate our capital expenditures during fiscal 2019 to be approximately $110 million, all of which are expected to be financed by cash flow from operating activities. We believe that our new store investments have the potential to generate positive cash flow within a year. We may also enter into one or more acquisitions or transactions related to the expansion of our brand offerings, including additional franchise and joint venture agreements. We believe that our existing cash and cash equivalents, availability under our current credit facilities and future cash flows provided by operations will be sufficient to fund these initiatives.

Share Repurchases

See Note 9, "Shareholders' Equity," of the Notes to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information regarding the Company's share repurchases.

Off-Balance Sheet Arrangements

As of and for the six months ended July 31, 2018, except for operating leases entered into in the normal course of business, we were not party to any material off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.

Other Matters

See Note 2, "Recent Accounting Pronouncements," of the Notes to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a description of recently adopted and issued accounting pronouncements.

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Financials ($)
Sales 2019 3 966 M
EBIT 2019 378 M
Net income 2019 279 M
Finance 2019 722 M
Yield 2019 -
P/E ratio 2019 16,50
P/E ratio 2020 15,07
EV / Sales 2019 0,98x
EV / Sales 2020 0,88x
Capitalization 4 589 M
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Technical analysis trends URBAN OUTFITTERS, INC.
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Mean consensus HOLD
Number of Analysts 22
Average target price 50,5 $
Spread / Average Target 20%
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Managers
NameTitle
Richard Allan Hayne Chairman & Chief Executive Officer
Andrew Carnie President Home Garden & Intl Anthropologie Group
Calvin B. Hollinger Chief Operating & Administrative Officer
Francis John Conforti Chief Financial Officer
Joel S. Lawson Independent Director
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