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Details on Industry Insight.
Urban Outfitters, one of the best performers at the mall during the recession, said this morning that third quarter net income rose 5.2% to $62.3 million.
The company reported last week that net sales increased 6% in the quarter to $506 million. For more details about sales at each of the company’s chains, click here.
Gross profit improved to 41.5% from 40.9%.
Inventories were down by $18 million, or 8% at the end of the quarter.
The company also announced it plans to open 32 to 34 stores next year. Currently, Urban Outfitters operates 319 stores under the Urban Outfitters, Anthropologie, Free People and Terrain banners.
I’ll have more details from the company’s conference call later today.