Executive Summary

• Urban Outfitters reported 4Q15 EPS of $0.61 versus the consensus estimate of $0.56.
• As previously reported on February 9, total sales came in at $1.01 billion for the quarter. Comps, which include the direct-to-consumer channel, decreased by 2%. Comps were up 2% at Free People, down 2% at Anthropologie and down 3% at Urban Outfitters. Wholesale sales increased by 29%, partially due to delayed shipments from the third quarter carrying over into the fourth quarter. The apparel category underperformed during the quarter.
• Inventories were $330.2 million at the end of the period, down 7.8% year over year, and sales growth was 22.8% during the quarter.