Urban Outfitters Q1 revenue record $1.05B (+13% YoY); EPS $0.33; gross margin down on inflation

URBAN OUTFITTERS INC

2023-Q1 EPS reported $0.33 revenue$1,051,934,000

Net income $32M, diluted EPS $0.33; record revenue $1.05B up 13.4% YoY.
Retail comparable sales +11% (Anthropologie +18%, Free People +15%, Urban Outfitters +1%).
Gross profit rate down 169 bps due to higher inbound transportation and raw materials costs.
Inventory up 31.9% YoY; Retail segment comparable inventory +35% from cost inflation, longer lead times, and Urban Outfitters brand underperformance.
SG&A up 22%, deleveraged 184 bps; repurchased 2.4M shares for $62M in Q1.

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