v3.26.1
Segment Reporting
 3 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

12. Segment Reporting

The Company offers lifestyle-oriented general merchandise and products and services through a portfolio of global consumer brands. The Company operates three reportable segments – “Retail,” “Subscription” and “Wholesale.”

The Company’s Retail segment includes Anthropologie (which includes the Anthropologie, Terrain and Maeve brands), FP Group (which includes the Free People and FP Movement brands), Urban Outfitters and Menus & Venues. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company’s Retail segment omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All Company-owned Retail segment shopping channels are closely integrated, including retail locations, websites, mobile applications and customer contact centers.

The Company's Subscription segment includes the Nuuly brand which offers customers a more sustainable way to explore fashion primarily through a monthly women’s apparel subscription rental service.

The Company’s Wholesale segment includes the FP Group and Urban Outfitters brand. The Wholesale segment sells through department and specialty stores worldwide, third-party digital businesses and the Company's Retail segment.

The Company's chief operating decision maker is the chief executive officer ("CEO"). The CEO regularly reviews net sales, gross profit and income from operations (excluding intercompany charges) when evaluating the performance of each segment and considers actual-to-budget variances for both profit measures when assessing segment performance and making decisions about the allocation of operating and capital resources to each segment. The CEO uses net sales, gross profit and income from operations when evaluating each segment during the budget and forecasting processes. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. General corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for the Retail and Wholesale segments are inventory and property and equipment. The principal identifiable assets for the Subscription segment are rental product and property and equipment.

The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026. All of the Company’s segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows:

 

Three Months Ended April 30, 2026:

 

Retail Operations

 

 

Subscription Operations

 

 

Wholesale Operations

 

 

Total Company

 

Net sales(1)

 

$

1,220,914

 

 

$

167,264

 

 

$

93,167

 

 

$

1,481,345

 

Cost of sales(2)

 

 

760,058

 

 

 

119,342

 

 

 

59,379

 

 

 

938,779

 

Segment gross profit

 

 

460,856

 

 

 

47,922

 

 

 

33,788

 

 

 

542,566

 

Segment selling, general and administrative expenses

 

 

342,277

 

 

 

37,840

 

 

 

9,765

 

 

 

389,882

 

Segment income from operations

 

$

118,579

 

 

$

10,082

 

 

$

24,023

 

 

$

152,684

 

Less general corporate expenses

 

 

 

 

 

 

 

 

 

 

 

13,003

 

Income from operations

 

 

 

 

 

 

 

 

 

 

$

139,681

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

6,185

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

145,866

 

 

Three Months Ended April 30, 2025:

 

Retail Operations

 

 

Subscription Operations

 

 

Wholesale Operations

 

 

Total Company

 

Net sales(1)

 

$

1,130,510

 

 

$

124,354

 

 

$

74,637

 

 

$

1,329,501

 

Cost of sales(2)

 

 

701,759

 

 

 

89,786

 

 

 

48,892

 

 

 

840,437

 

Segment gross profit

 

 

428,751

 

 

 

34,568

 

 

 

25,745

 

 

 

489,064

 

Segment selling, general and administrative expenses

 

 

306,121

 

 

 

27,552

 

 

 

8,712

 

 

 

342,385

 

Segment income from operations

 

$

122,630

 

 

$

7,016

 

 

$

17,033

 

 

$

146,679

 

Less general corporate expenses

 

 

 

 

 

 

 

 

 

 

 

18,452

 

Income from operations

 

 

 

 

 

 

 

 

 

 

$

128,227

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

9,646

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

137,873

 
(1)
Eliminated from Wholesale segment net sales were intercompany sales of $2,797 and $2,792 for the three months ended April 30, 2026, and 2025, respectively.
(2)
Eliminated from Wholesale segment cost of sales were intercompany charges of $2,873 and $2,818 for the three months ended April 30, 2026, and 2025, respectively.

 

 

 

April 30,

 

 

January 31,

 

 

April 30,

 

 

 

2026

 

 

2026

 

 

2025

 

Inventory

 

 

 

 

 

 

 

 

 

Retail operations

 

$

665,780

 

 

$

630,836

 

 

$

601,983

 

Wholesale operations

 

 

61,078

 

 

 

70,109

 

 

 

61,820

 

Total inventory

 

$

726,858

 

 

$

700,945

 

 

$

663,803

 

Rental product, net (1)

 

 

 

 

 

 

 

 

 

Subscription operations

 

$

270,270

 

 

$

246,413

 

 

$

222,448

 

Property and equipment, net

 

 

 

 

 

 

 

 

 

Retail operations

 

$

1,342,093

 

 

$

1,291,541

 

 

$

1,213,621

 

Subscription operations

 

 

275,696

 

 

 

171,704

 

 

 

129,805

 

Wholesale operations

 

 

2,981

 

 

 

2,991

 

 

 

3,131

 

Total property and equipment, net

 

$

1,620,770

 

 

$

1,466,236

 

 

$

1,346,557

 

 

(1)
Rental product, net is included in "Other assets" in the Condensed Consolidated Balance Sheets.

 

 

The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category and by segment:

 

 

Three Months Ended

 

 

 

April 30,

 

 

2026

 

 

2025

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Apparel

 

$

849,858

 

 

 

69

%

 

$

783,005

 

 

 

69

%

Home

 

 

153,521

 

 

 

13

%

 

 

147,687

 

 

 

13

%

Accessories

 

 

160,023

 

 

 

13

%

 

 

146,689

 

 

 

13

%

Other

 

 

57,512

 

 

 

5

%

 

 

53,129

 

 

 

5

%

Retail operations

 

 

1,220,914

 

 

 

100

%

 

 

1,130,510

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription operations

 

 

167,264

 

 

 

 

 

 

124,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apparel

 

 

88,251

 

 

 

95

%

 

 

67,615

 

 

 

91

%

Accessories

 

 

4,617

 

 

 

5

%

 

 

6,772

 

 

 

9

%

Other

 

 

299

 

 

 

0

%

 

 

250

 

 

 

0

%

Wholesale operations (1)

 

 

93,167

 

 

 

100

%

 

 

74,637

 

 

 

100

%

Total net sales

 

$

1,481,345

 

 

 

 

 

$

1,329,501

 

 

 

 

 

(1)
Net of intersegment elimination.

The Apparel category includes intimates and activewear. The Home category includes home furnishings, electronics, gifts and decorative items. The Accessories category includes footwear, jewelry and handbags. The Other category includes beauty and shipping and handling revenue.

The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows:

 

 

April 30,

 

 

January 31,

 

 

April 30,

 

 

 

2026

 

 

2026

 

 

2025

 

Property and equipment, net

 

 

 

 

 

 

 

 

 

Domestic operations

 

$

1,459,372

 

 

$

1,303,937

 

 

$

1,193,445

 

Foreign operations

 

 

161,398

 

 

 

162,299

 

 

 

153,112

 

Total property and equipment, net

 

$

1,620,770

 

 

$

1,466,236

 

 

$

1,346,557

 

 

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2026

 

 

2025

 

Net Sales

 

 

 

 

 

 

Domestic operations

 

$

1,296,902

 

 

$

1,172,150

 

Foreign operations

 

 

184,443

 

 

 

157,351

 

Total net sales

 

$

1,481,345

 

 

$

1,329,501