Urban Outfitters Q2 EPS $0.64, revenue $1.18B; gross margin down 595bps

URBAN OUTFITTERS INC

2023-Q2 EPS reported $0.96 revenue$2,235,322,000

Net income $59M ($0.64 diluted EPS); revenue $1.18B (+2.2% YoY) record Q2 sales.
Comparable retail sales +1%: Free People +8%, Anthropologie +7%, Urban Outfitters -9%.
Gross profit rate fell 595bps due to higher markdowns and inbound transportation costs.
Inventory up 44.4% YoY; $112M in share repurchases (4.7M shares) in H1 FY23.
SG&A deleveraged 113bps; effective tax rate rose to 28.8% from 22.4%.

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