Urban Outfitters, Inc. (NASDAQ:URBN) Q3 2024 Results Conference Call November 21, 2023 5:15 PM ET

Company Participants

Oona McCullough - Executive Director, IR

Frank Conforti - Co-President and COO, URBN

Dave Hayne - Chief Technology Officer and President, Nuuly

Sheila Harrington - Global CEO, Free People and Urban Outfitters

Melanie Marein-Efron - CFO, URBN

Richard Hayne - CEO, URBN

Conference Call Participants

Lorraine Hutchinson - Bank of America

Matthew Boss - JPMorgan

Paul Lejuez - Citi

Alex Straton - Morgan Stanley

Dana Telsey - Telsey Advisory Group

Janet Kloppenburg - JJK Research Associates

Marni Shapiro - The Retail Tracker

Operator

Good day, ladies and gentlemen, and welcome to the Urban Outfitters, Inc. Third Quarter Fiscal ‘24 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference is being recorded.

I would now like to introduce Oona McCullough, Executive Director of Investor Relations. Ms. McCullough, you may begin.

Oona McCullough

Good afternoon, and welcome to the URBN third quarter fiscal 2024 conference call. Earlier this afternoon, the Company issued a press release outlining the financial and operating results for the three- and nine-month period ending October 31, 2023.

The following discussions may include forward-looking statements. Please note that actual results may differ materially from those statements. Additional information concerning factors that could cause actual results to differ materially from projected results is contained in the Company’s filings with the Securities and Exchange Commission.

On today’s call, you will hear from Frank Conforti, Co-President and COO, URBN; Dave Hayne

Chief Technology Officer and President of Nuuly; Sheila Harrington Global Chief Executive Officer of Free People and Urban Outfitters; Melanie Marein-Efron, Chief Financial Officer, URBN; and Richard Hayne, CEO, URBN. Following that, we will be pleased to address your questions.

For more detailed commentary on our quarterly performance and the text of today’s conference call, please refer to our Investor Relations website at www.urbn.com.

I will now turn the call over to Frank.

Frank Conforti

Thank you, Oona, and good afternoon, and thank you to everyone who joined our call today. I will begin my commentary with comments on our operating results for the third quarter and then discuss more detailed notes by brand.

Overall, the third quarter performed largely in line with our expectations as discussed on the August call. URBN delivered strong sales growth of 9% to a record $1.3 billion for the third quarter. URBN sales growth was driven by a 6% Retail segment comp and robust growth from Nuuly which added $30 million in revenue during the quarter.