Overview

• Lifestyle retailer's Q1 sales rose 11%, beating analyst expectations

• Q1 net income and EPS reached record levels, driven by sales growth

• Company repurchased 4.6 mln shares for $300 mln in Q1

Outlook

• Company did not provide specific financial guidance for the current quarter or full year

Result Drivers

• RETAIL SALES GROWTH - Higher comparable sales at all major brands, led by digital and store sales growth, drove Q1 results

• SUBSCRIPTION SEGMENT EXPANSION - Nuuly subscription sales rose on a 33% increase in average active subscribers

• WHOLESALE GROWTH - FP Group wholesale sales rose due to increased sales to specialty customers

Company press release: ID:nGNX3Zs99M

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$1.48 bln	$1.45 bln (11 Analysts)
Q1 EPS		$1.30
Q1 Net Income		$115.71 mln
Q1 Gross Profit		$542.57 mln
Q1 Operating Income		$139.68 mln
Q1 Pretax Profit		$145.87 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the apparel & accessories retailers peer group is "buy"

• Wall Street's median 12-month price target for Urban Outfitters Inc is $80.00, about 16.2% above its May 19 closing price of $68.88

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

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