Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products and services company which operates a portfolio of global consumer brands including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands, today announced net sales for the two and eleven months ended December 31, 2023.
Total Company net sales for the two months ended December 31, 2023, increased 10% compared to the two months ended December 31, 2022. Total Retail segment net sales increased 8%, with comparable Retail segment net sales increasing 6%. The increase in Retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales. Comparable Retail segment net sales increased 20% at Free People and 14% at Anthropologie and decreased 13% at Urban Outfitters. Wholesale segment net sales increased 15% driven by an increase in Free People wholesale sales primarily due to increases in sales to department stores and specialty accounts, partially offset by a decrease in Urban Outfitters wholesale sales. Nuuly segment net sales increased 71% primarily driven by a 58% increase in our subscribers versus the end of the prior year's comparable period.
For the eleven months ended December 31, 2023, total Company net sales increased 8% compared to the eleven months ended December 31, 2022. Total Retail segment net sales increased 6%, with comparable Retail segment net sales increasing 5%. The increase in Retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and mid single-digit positive growth in retail store sales. Wholesale segment net sales decreased 4%, driven by a decrease in Free People wholesale sales primarily due to a decrease in sales to department stores. Nuuly segment net sales increased 92% primarily driven by a 58% increase in our subscribers versus the end of the prior year's comparable period.
On a personnel note, we are pleased to announce Shea Jensen will be joining URBN as President of Urban Outfitters Brand, North America as of February 5, 2024. In this role, Shea will oversee merchandising, marketing, digital and retail operations for the Urban Outfitters brand in North America.
“It is with great pleasure that Sheila and I welcome Shea to the Urban Outfitters brand,” said Richard A. Hayne, Chief Executive Officer. “Shea is a strong leader with extensive experience across all retail channels. We are delighted to have Shea join the brand and believe her authentic leadership style and customer-first mindset will be a great asset to the brand.”
Shea brings over 30 years of retail experience with a proven track record in operations, ecommerce, business strategy, merchandising and innovation. She has held several key leadership positions at Nordstrom and joins us from Good American where she was President.
During the eleven months ended December 31, 2023, the Company opened a total of 26 new retail locations including: 11 Free People stores (including 7 FP Movement stores), 7 Urban Outfitters stores, 7 Anthropologie stores and 1 Menus & Venues restaurant; and closed 12 retail locations including: 5 Urban Outfitters stores, 4 Anthropologie brand stores, 1 Free People brand store and 2 Menus & Venues restaurants. During the eleven months ended December 31, 2023, 1 Urban Outfitters franchisee-owned store was opened.
Urban Outfitters, Inc. offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of 265 Urban Outfitters stores in the United States, Canada and Europe and websites; 241 Anthropologie stores in the United States, Canada and Europe, catalogs and websites; 198 Free People stores in the United States, Canada and Europe, catalogs and websites, 10 Menus & Venues restaurants, 7 Urban Outfitters franchisee-owned stores and 2 Anthropologie franchisee-owned stores as of December 31, 2023. Free People, FP Movement and Urban Outfitters wholesale sell their products through department and specialty stores worldwide, digital businesses and the Company’s Retail segment.
As used in this document, unless otherwise defined, "Anthropologie" refers to the Company's Anthropologie and Terrain brands and "Free People" refers to the Company's Free People and FP Movement brands.