Morningstar

Morningstar, Inc.

Equity Bottom-Up

Urban Outfitters has a portfolio of distinct, well-defined brands that transcend product type and functionality. The stores are carefully curated to offer a niche customer a one-stop shopping experience from apparel to home goods. However, we believe Urban Outfitters is at an inflection point, transitioning into a more mature company.Management has acknowledged that the store base of Urban Outfitters and Anthropologie has topped out in the U.S., a notion we support, given declines in…

No-moat Urban Outfitter's performance in the first quarter felt short of our expectations, with comparable retail sales growth at just 1% (versus our 2% estimate) and the gross margin contracting 170 basis points to 31.1% (40 basis points below our estimate). This reduction in profitability was primarily because of higher markdown rates, owing to of weaker apparel assortment than the prior year (particularly for women's apparel in the Anthropologie and Urban Outfitters brands), and deleveraged…

United States

Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites.  The Company's Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Urban also designs and markets young women's casual wear which it provides to the Company's retail operations and sells to retailers worldwide.

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