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Impact of the Coronavirus Pandemic | 6 Months Ended
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Jul. 31, 2022
Extraordinary And Unusual Items [Abstract] |
Impact of the Coronavirus Pandemic | 2. Impact of the Coronavirus Pandemic Impact of the Coronavirus Pandemic on Fiscal 2022 The COVID-19 pandemic continued to negatively impact the Company’s store operations during the first half of fiscal 2022 with residual impacts on store traffic and store sales resulting from store closures, primarily in Europe and Canada, occupancy restrictions and reduced store hours globally. During the second quarter of fiscal 2022, all remaining COVID-19 government mandated store closures in Europe and Canada expired, although some capacity restrictions continued in certain European and Canadian stores. The COVID-19 pandemic and general unfavorable macroeconomic conditions also disrupted the Company’s global supply chain in fiscal 2022, leading to COVID-19 related factory and port closures, continued port congestion and shipping delays, which resulted in inventory receipt delays and an increase in inbound transportation costs. The Company made a strategic decision to start bringing certain product categories in earlier in the third and fourth quarters of fiscal 2022 in an attempt to minimize the impact of such disruptions on the ability to fulfill customer demand. Impact of the Coronavirus Pandemic and Macroeconomic Uncertainties on Fiscal 2023 and Future Operations The COVID-19 pandemic and its effects on the global economy continued to impact the Company’s operations through the second quarter of fiscal 2023 and related government and private sector responsive actions could continue to affect its business operations. The Company continues to experience global supply chain disruptions resulting in inventory receipt delays. In response, the Company is continuing to further diversify its supply chain and bring in certain merchandise earlier. Furthermore, the Company expects that its operations will continue to be influenced by recent general economic conditions such as labor shortages and inflation, which have resulted in higher wages, higher inbound transportation and outbound delivery costs, and lower levels of discretionary spending by its customers, particularly customers of the Urban Outfitters brand. The Company cannot reasonably estimate the duration and severity of the COVID-19 pandemic or of existing macroeconomic conditions, which ha ve had and may continue to have a material impact on its business. As a result, current financial information may not be necessarily indicative of future operating results and the Company’s plans to address the impact of the COVID-19 pandemic and macroeconomic trends may change. Additionally, current global issues may affect the Company’s business and the global economy, including the geopolitical impact of Russia’s invasion of Ukraine and any related economic or other sanctions.

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- Definition The entire disclosure for an event or transaction that is unusual in nature or infrequent in occurrence, or both. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=114868817 + Details
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