Less brick and mortar stores, more online sales.
According to one analyst, that’s the recipe for Urban Outfitters‘ recent successes: its shares were up 10 percent yesterday and it reported higher-than-expected profits ($76 million) for the three months ended July 31, the Philadelphia Inquirer reported.
While total sales rose nine percent, Urban’s online sales rose 40 percent, the Inquirer reported. Urban also opened fewer Free People stores to cut costs.
Last fall, the Navy Yard-based retailer said it wanted to make half of its total sales online-only. Online sales currently make up about one-fifth of Urban’s total sales. Read more about Urban’s ecommerce effort here.-30-