The company, which counts Urban Outfitters, Anthropologie, Free People, Terrain and Bhldn among its brands, in addition to rental subscription service Nuuly and a food and beverage business — reported a $34 million quarterly profit Tuesday afternoon , causing company shares to surge more than 15 percent in after-hours trading.
Urban Outfitters credits disciplined inventory control and better-than-expected top-line performance for the gains. The company ended the quarter with a $21.7 million reduction in inventory reserves year-over-year for its retail and wholesale segments. Inventory decreased more than 20 percent during the quarter, or by $88.3 million year-over-year.
Meanwhile, digital marketing expenses grew during the quarter, along with an increase in delivery and logistics expenses because of the company’s increased penetration online. The company ended the quarter with $663 million in cash and equivalents and $120 million in long-term debt.
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