Urban Outfitters announced net income of 47.8 million dollars and earnings per diluted share of 50 cents for the fourth quarter.

The company said in a release that adjusted net income reached 65.7 million dollars and adjusted earnings per diluted share were 69 cents for the quarter under review.

Total net sales for the fourth quarter increased 7.3 percent to 1.49 billion dollars and adjusted net sales increased 8 percent to 1.50 billion dollars.

“We are pleased to report record fourth quarter sales driven by strength at the Anthropologie, Free People, FP Movement and Nuuly brands,” said Richard A. Hayne, the company’s chief executive officer.

Highlights of Urban Outfitters’ Q4 results

Retail segment net sales increased 6.2 percent, with comparable retail segment net sales increasing 4.9 percent.

Fourth quarter comparable retail segment net sales increased 18.9 percent at Free People and 12 percent at Anthropologie and decreased 13.6 percent at Urban Outfitters.

Wholesale segment net sales increased 3.3 percent driven by a 7.8 percent increase in Free People wholesale sales, partially offset by a 1.9 million dollars decrease in Urban Outfitters wholesale sales.

Nuuly segment net sales increased by 20.3 million dollars and Nuuly segment adjusted net sales increased by 29.4 million dollars driven by a 56 percent increase in average active subscribers in the current quarter versus the prior year quarter.

Review of Urban Outfitters full year performance

For the year ended January 31, 2024, total Company net sales increased 7.5 percent to 5.15 billion dollars, while adjusted net sales increased 7.7 percent to 5.16 billion dollars.

For the full year, net income was 287.7 million dollars and earnings per diluted share were 3.05 dollars and adjusted net income was 306.7 million dollars and adjusted earnings per diluted share were 3.25 dollars.

Retail segment net sales increased 6 percent, with comparable retail segment net sales increasing 5 percent.

Comparable retail segment net sales increased 21.4 percent at Free People and 12.3 percent at Anthropologie and decreased 13.8 percent at Urban Outfitters.

Wholesale segment net sales decreased 4.6 percent driven by a 4.8 percent decrease in Free People wholesale sales. Nuuly segment net sales increased by 106.2 million dollars and Nuuly segment adjusted net sales increased by 115.3 million dollars.

The Nuuly segment adjusted net sales increase was primarily driven by an 82 percent increase in average active subscribers in the current year versus the prior year period.

During the year, the company opened a total of 26 new retail locations including four Free People stores and seven FP Movement stores, seven Urban Outfitters stores, seven Anthropologie stores and one Menus & Venues restaurant; and closed 20 retail locations including eight Urban Outfitters stores, eight Anthropologie brand stores, one Free People brand store and three Menus & Venues restaurants. One Urban Outfitters franchisee-owned store was also opened during the year.