Urban Outfitters(URBN) - 2021 Q2 - Earnings Call Presentation

Financial Performance - URBN sales for the second quarter declined by 17% to $803 million[5, 11] - Gross profit dollars decreased by 25% to $238 million, with gross profit rate declining 319 bps to 29.6%[6, 23, 37] - Operating income dollars decreased by 11% to $69 million, but operating income rate improved by 53 bps to 8.6%[8, 32, 37] - Net income for the quarter was $34 million, or $0.35 per diluted share[9, 38] - SG&A expenses decreased by 29% to $169 million, leveraging 372 bps to 21% of sales[7, 28, 29] Segment Performance - Retail segment sales declined 14% to $757 million[5, 11] - Wholesale segment sales declined 51% to $41 million[5, 11] - Anthropologie Group brand sales decreased by 25% to $295 million[13] - Free People brand sales decreased by 14% to $178 million, with Retail segment sales growing by 11%[15] - Urban Outfitters brand sales decreased by 9% to $324 million[20] Inventory and Balance Sheet - Inventory decreased by 20% to $352 million[40, 42] - Cash and marketable securities totaled $673 million[40] Other Key Points - Reduced inventory reserves by $22 million in the quarter[6, 23] - The company did not repurchase any shares during the quarter, with authorization remaining for approximately 26 million additional shares[50]