In its second-largest acquisition, Amazon buys the company for $970 million.
Web-dominated direct sales increased by 18.5%.
Apparel, accessories and home décor retailer Urban Outfitters Inc. reported strong direct sales in the first quarter of 2011, but comparable-store sales lagged.
For the quarter ended April 30, Urban Outfitters reported:
- Direct sales, which the retailer says are almost entirely generated online, increased by about 18.5% to $102.3 million from $86.3 million in the first quarter of 2010.
- Retail sales of $391.2 million, up by 6.2% from $368.5 million.
- Total sales rose by about 9.2% to $524 million from $480 million.
- Comparable-store sales declined 5%.
- Net income was about $39 million, down by 26.4% from $53 million in the prior year quarter.
Internet Retailer calculates the web accounted for 19.5% of total sales for the quarter, compared with 18.0% in the same quarter last year.
Earlier this month the company broke ground on a 462,000-square-foot distribution center in Reno, NV, to serve as a Western hub for its e-commerce business.
Urban Outfitters, No. 48 in the Internet Retailer Top 500 Guide, operates Anthropologie, Free People, BHLDN, Terrain and Urban Outfitters brands and sells online at UrbanOutfitters.com, Anthropologie.com, FreePeople.com, TerrainAtHome.com, Leifsdottir.com and BHLDN.com.