Saks Global rescues its holiday with $350M in new financing

Urban Outfitters, Inc. announced net income of $59 million and earnings per diluted share of $0.64 for the three months ended July 31, 2022. For the six months ended July 31, 2022, net income was $91 million and earnings per diluted share were $0.96. Total Company net sales for the three months ended July 31, 2022, increased 2.2% over the same period last year to a record $1.18 billion. Total Retail segment net sales increased 1%, with comparable Retail segment net sales also increasing 1%. The increase in Retail segment comparable net sales was driven by low single-digit positive digital channel sales, while retail store sales were flat. By brand, comparable Retail segment net sales increased 8% at the Free People Group and 7% at the Anthropologie Group and decreased 9% at Urban Outfitters. Wholesale segment net sales increased 1%, driven by a 4% increase in Free People Group wholesale sales, partially offset by a decline in Urban Outfitters wholesale sales. Nuuly segment net sales increased by $18.8 million driven by a significant increase in our subscribers.

Second quarter operating revenues increased 3.4% to $774.5 million, including a $9.1 million unfavorable foreign currency impact, compared to $748.8 million in the prior year quarter. The year-over-year increase was due to the contribution from acquired operations2. On a same store basis, operating revenues in the second quarter declined 10.6%, a slight improvement compared to a decline in the 2017 first quarter of 10.8%, as a result of improved domestic print advertising and circulation revenues. Total digital revenues in the second quarter grew 43.5% year-over-year to $242.6 million, or approximately 31% of total revenue, which includes the contribution from ReachLocal acquired in August 2016. GAAP net loss for the second quarter was $0.5 million, including $21.8 million of after-tax restructuring, acquisition, severance, asset impairment, facility consolidation and other related costs; approximately $14.6 million of these charges were non-cash. Adjusted EBITDA for the second quarter was $83.7 million compared to $91.7 million in the prior year quarter. Click Read More below for additional detail.

Bertelsmann is expanding its footprint in Brazil’s fast-growing education market. The international media, services and education company is acquiring a 25-percent stake and 46 percent of the voting rights in Afya, the leading provider of medical education and training in Brazil, for the equivalent of €500 million. Bertelsmann co-founded and helped build Afya. The transaction is pending regulatory approval. Since 2017, Afya has grown its revenue by an average of 80 percent per year to €203 million in 2020. Based on market capitalization, Afya is Brazil’s largest education company focused on the medical field.