Urban Outfitters, Inc. announced net income of $41 million and earnings per diluted share of $0.41 for the three months ended January 31, 2022. For the year ended January 31, 2022, net income was $311 million and earnings per diluted share were a record $3.13. Total Company net sales for the three months ended January 31, 2022, were a record $1.33 billion. Net sales increased 13.9% compared to the three months ended January 31, 2020. Comparable Retail segment net sales increased 14%, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit negative retail store sales primarily due to reduced store traffic. By brand, comparable Retail segment net sales increased 49% at the Free People Group, 14% at the Anthropologie Group and 3% at Urban Outfitters. Total Retail segment net sales increased 15%. Wholesale segment net sales decreased 22% primarily from reducing the Free People Group’s sales to promotional wholesale customers. Nuuly segment net sales increased by $11.3 million driven by the continued expansion of the number of subscribers since its launch at the end of the second quarter of fiscal 2020. For the year ended January 31, 2022, total Company net sales increased 14.2% compared to the year ended January 31, 2020.
Domtar continues to champion reliable, affordable mail service for all U.S. residents. We are proud to partner with Keep US Posted in advocacy efforts to strengthen the U.S. Postal Service and ensure strong service throughout the country without excessive postal rate hikes.
Keep US Posted is an alliance consisting of consumer interests, industry groups, newspapers, nonprofits and businesses. The group is working to engage Americans to call for postal policy that preserves essential services, effectively and efficiently.
Advocates are immediately concerned about planned postal rate hikes, particularly in light of the financial relief the Postal Service received in the recently passed postal service reform legislation.
Executive director Kevin Yoder, a former congressman from Kansas, worked on postal issues during four terms in the U.S. House of Representatives.
“It is destructive for Postal Service leadership to squeeze every last drop of revenue from the mail at the expense of the American people,” says Yoder. “In just a decade, Americans could be paying well over $1 to mail a single letter. Using the mail will become unaffordable for American families, as well as newspapers, nonprofits, and businesses that depend on the Postal Service.”
“These excessive postage increases will decrease volume and revenue so much that it will ultimately hurt the Postal Service’s 650,000 workers and their ability to keep delivering for our country. Projected mail decline will become a self-fulfilling prophecy,” he adds.
“The planned stamp hikes fly in the face of Congress, whose bipartisan postal reform law provided $57 billion in reduced USPS liabilities specifically intended to prevent excessive postage hikes. Louis DeJoy says he’s running the Postal Service like a business, but it’s not. The Postal Service is just that — a public service. It’s the only courier able to serve the country’s 163 million delivery points in more than 41,000 zip codes.”
Domtar and Keep US Posted support alternatives to current and future efforts to slow the mail and postal rate hikes.
The U.S. House Committee on Appropriations has directed the Postal Regulatory Commission, which governs the U.S. Postal Service, to study the impact of planned postage increases.