In its second-largest acquisition, Amazon buys the company for $970 million.
With the web accounting for about 90% of direct sales, e-commerce revenue for Urban Outfitters in Q4 increased 20.4% to $79 million from $65.6 million a year earlier. In comparison, comparable store sales decreased by 1% while total revenue grew by 9.1%.
Urban Outfitters Inc. is reporting solid e-commerce growth for Q4 and the full year.
In the fourth quarter ended Jan. 31, 2009, direct sales for Urban Outfitters rose by 10.9% to $87.8 million from $79.2 million in Q4 of 2007. With the web accounting for about 90% of direct sales, e-commerce revenue in Q4 increased 20.4% to $79 million from $65.6 million.
In comparison, comparable store sales for Urban Outfitters, No. 77 in the Internet Retailer Top 500 Guide, decreased by 1% while total revenue grew by 9.1%. Urban Outfitters will release its full 2008 financials, including net income, on March 5.
“We believe our brands performed well given the challenging marketplace conditions,” says CEO Glen Senk. “As we enter the spring season, the company’s inventory is current and well-positioned, sales and expenses are appropriately budgeted.”
For the full year, direct sales rose by 32.4% to $272.4 million from $205.7 million in 2007 while comparable stores grew by 8% and total sales grew by 22% to $1.83 billion from $1.50 billion in 2007. E-commerce revenue rose year over year by 32.5% to $245.2 million from $185.1 million in 2007.