Urban Outfitters Inc URBN
Q1 2013 Earnings Call Transcript

Transcript Call Date 05/21/2012

Operator: Good day, ladies and gentlemen, and welcome to the Urban Outfitters, Inc.'s First Quarter Fiscal 2013 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Please do not queue for the Q&A portion of this call until announced. Anyone doing so prematurely will be deleted from the queue. As a reminder, this conference call is being recorded.

I would now like to introduce Oona McCullough Director of Investor Relations. Ms. McCullough you may begin.

Oona McCullough - Director, IR: Good afternoon, and welcome to the URBN fourth quarter fiscal 2013 conference call. Earlier this afternoon the Company has issued a press release outlining the financial and operating results for the three-month period ending April 30, 2012. The following discussions may include forward-looking statements. Please note that actual results may differ materially from those statements. Additional information concerning factors that could cause actual results to differ materially from projected results is contained in the Company's filings with the Securities and Exchange Commission.

We will begin today's call with Frank Conforti, our Chief Financial Officer who will provide financial highlights for the first quarter. Freeman Zausner, Chief Operating Officer will provide a brief update on our shared services initiatives. As discussed on the previous conference call, each quarter, you will hear from one of our brand leaders discussing their businesses and related initiatives or our Chief Operating Officer. Richard Hayne, our Chief Executive Officer, will then comment on our broader strategic initiatives. Following that, we will be pleased to address your questions.

As usual, the text of today's conference call along with detailed management commentary will be posted to our corporate website at

I'll now turn the call over to Frank.

Frank J. Conforti - CFO: Thank you, Oona. Good afternoon, everyone. First, I wanted to say, it has been a pleasure to work for this incredible Company over the past five years and I am honored to have received this opportunity to further help the URBN leadership team execute on its goals.

I will start my prepared commentary discussing our first quarter fiscal 2013 performance versus the prior year comparable quarter. Then, I will share our thoughts concerning the remainder of the year.

Total Company net sales for the quarter increased by 9% to a first quarter record of $569 million. This increase was driven by a $34 million increase in non-comparable net store sales, which includes 14 new stores opened during the quarter.

Total Company comparable retail segment net sales, which include sales from our Direct-to-Consumer channel increased by 2%. This includes increases of 2% and 6% at Free People and Urban Outfitters respectfully, and a decrease of 2% in Anthropologie.

Total Company comparable store net sales declined by 1% driven by 1% decrease in transactions and a 2% decrease in average number of units per transaction, partially offset by 2% increase in the average unit selling price.

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