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Segment Reporting | 6 Months Ended
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Jul. 31, 2025
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 and Terrain brands), Free People (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, social media and third-party platforms, catalogs 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 Free People, FP Movement and Urban Outfitters brands. 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, 2025. 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 July 31, 2025: |  | Retail Operations |  |  | Subscription Operations |  |  | Wholesale Operations |  |  | Total Company |
Net sales(1) |  | $ | 1,289,269 |  |  | $ | 138,932 |  |  | $ | 76,554 |  |  | $ | 1,504,755 |
Cost of sales(2) |  |  | 787,686 |  |  |  | 99,283 |  |  |  | 51,625 |  |  |  | 938,594 |
Segment gross profit |  |  | 501,583 |  |  |  | 39,649 |  |  |  | 24,929 |  |  |  | 566,161 |
Segment selling, general and administrative expenses |  |  | 342,276 |  |  |  | 27,102 |  |  |  | 9,246 |  |  |  | 378,624 |
Segment income from operations |  | $ | 159,307 |  |  | $ | 12,547 |  |  | $ | 15,683 |  |  | $ | 187,537 |
Less general corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 13,150 |
Income from operations |  |  |  |  |  |  |  |  |  |  | $ | 174,387 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  | 8,886 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 183,273 |
Six Months Ended July 31, 2025: |  | Retail Operations |  |  | Subscription Operations |  |  | Wholesale Operations |  |  | Total Company |
Net sales(1) |  | $ | 2,419,779 |  |  | $ | 263,286 |  |  | $ | 151,191 |  |  | $ | 2,834,256 |
Cost of sales(2) |  |  | 1,489,445 |  |  |  | 189,069 |  |  |  | 100,517 |  |  |  | 1,779,031 |
Segment gross profit |  |  | 930,334 |  |  |  | 74,217 |  |  |  | 50,674 |  |  |  | 1,055,225 |
Segment selling, general and administrative expenses |  |  | 648,397 |  |  |  | 54,654 |  |  |  | 17,958 |  |  |  | 721,009 |
Segment income from operations |  | $ | 281,937 |  |  | $ | 19,563 |  |  | $ | 32,716 |  |  | $ | 334,216 |
Less general corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 31,602 |
Income from operations |  |  |  |  |  |  |  |  |  |  | $ | 302,614 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  | 18,532 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 321,146 |
Three Months Ended July 31, 2024: |  | Retail Operations |  |  | Subscription Operations |  |  | Wholesale Operations |  |  | Total Company |
Net sales(1) |  | $ | 1,196,456 |  |  | $ | 90,696 |  |  | $ | 64,807 |  |  | $ | 1,351,959 |
Cost of sales(2) |  |  | 751,230 |  |  |  | 65,142 |  |  |  | 42,302 |  |  |  | 858,674 |
Segment gross profit |  |  | 445,226 |  |  |  | 25,554 |  |  |  | 22,505 |  |  |  | 493,285 |
Segment selling, general and administrative expenses |  |  | 306,027 |  |  |  | 20,234 |  |  |  | 9,067 |  |  |  | 335,328 |
Segment income from operations |  | $ | 139,199 |  |  | $ | 5,320 |  |  | $ | 13,438 |  |  | $ | 157,957 |
Less general corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 12,822 |
Income from operations |  |  |  |  |  |  |  |  |  |  | $ | 145,135 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  | 7,429 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 152,564 |
Six Months Ended July 31, 2024: |  | Retail Operations |  |  | Subscription Operations |  |  | Wholesale Operations |  |  | Total Company |
Net sales(1) |  | $ | 2,259,141 |  |  | $ | 168,638 |  |  | $ | 124,912 |  |  | $ | 2,552,691 |
Cost of sales (excluding store impairment and lease abandonment charges)(2) |  |  | 1,437,570 |  |  |  | 125,165 |  |  |  | 83,685 |  |  |  | 1,646,420 |
Store impairment and lease abandonment charges |  |  | 4,601 |  |  |  | — |  |  |  | — |  |  |  | 4,601 |
Segment gross profit |  |  | 816,970 |  |  |  | 43,473 |  |  |  | 41,227 |  |  |  | 901,670 |
Segment selling, general and administrative expenses |  |  | 589,884 |  |  |  | 39,379 |  |  |  | 16,533 |  |  |  | 645,796 |
Segment income from operations |  | $ | 227,086 |  |  | $ | 4,094 |  |  | $ | 24,694 |  |  | $ | 255,874 |
Less general corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 36,115 |
Income from operations |  |  |  |  |  |  |  |  |  |  | $ | 219,759 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  | 13,675 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 233,434 |
(1) Eliminated from Wholesale segment net sales were intercompany sales of $1,686 and $4,478 for the three and six months ended July 31, 2025, respectively, and $1,962 and $5,109 for the three and six months ended July 31, 2024, respectively. (2) Eliminated from Wholesale segment cost of sales were intercompany charges of $1,740 and $4,558 for the three and six months ended July 31, 2025, respectively, and $1,956 and $5,051 for the three and six months ended July 31, 2024, respectively.
|  | July 31, |  |  | January 31, |  |  | July 31, |
|  | 2025 |  |  | 2025 |  |  | 2024 |
Inventory |  |  |  |  |  |  |  |  |
Retail operations |  | $ | 635,294 |  |  | $ | 556,522 |  |  | $ | 552,345 |
Wholesale operations |  |  | 60,905 |  |  |  | 64,624 |  |  |  | 52,322 |
Total inventory |  | $ | 696,199 |  |  | $ | 621,146 |  |  | $ | 604,667 |
Rental product, net (1) |  |  |  |  |  |  |  |  |
Subscription operations |  | $ | 230,091 |  |  | $ | 216,126 |  |  | $ | 193,115 |
(1) Rental product, net is included in "Other assets" in the Condensed Consolidated Balance Sheets.
Property and equipment, net |  |  |  |  |  |  |  |  |
Retail operations |  | $ | 1,235,930 |  |  | $ | 1,197,157 |  |  | $ | 1,185,279 |
Subscription operations |  |  | 137,838 |  |  |  | 130,715 |  |  |  | 126,544 |
Wholesale operations |  |  | 3,043 |  |  |  | 3,205 |  |  |  | 3,100 |
Total property and equipment, net |  | $ | 1,376,811 |  |  | $ | 1,331,077 |  |  | $ | 1,314,923 |
The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category and by segment:
|  | Three Months Ended |
|  | July 31, |
|  | 2025 |  |  | 2024 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Apparel |  | $ | 898,361 |  |  |  | 70 | % |  | $ | 832,428 |  |  |  | 70 | %
Home |  |  | 165,011 |  |  |  | 13 | % |  |  | 162,258 |  |  |  | 14 | %
Accessories |  |  | 163,450 |  |  |  | 13 | % |  |  | 148,845 |  |  |  | 12 | %
Other |  |  | 62,447 |  |  |  | 4 | % |  |  | 52,925 |  |  |  | 4 | %
Retail operations |  |  | 1,289,269 |  |  |  | 100 | % |  |  | 1,196,456 |  |  |  | 100 | %
Subscription operations |  |  | 138,932 |  |  |  |  |  |  | 90,696 |  |  |  |
Apparel |  |  | 72,629 |  |  |  | 95 | % |  |  | 60,502 |  |  |  | 94 | %
Accessories |  |  | 3,628 |  |  |  | 5 | % |  |  | 4,042 |  |  |  | 6 | %
Other |  |  | 297 |  |  |  | 0 | % |  |  | 263 |  |  |  | 0 | %
Wholesale operations (1) |  |  | 76,554 |  |  |  | 100 | % |  |  | 64,807 |  |  |  | 100 | %
Total net sales |  | $ | 1,504,755 |  |  |  |  |  | $ | 1,351,959 |  |  |  |
|  | Six Months Ended |
|  | July 31, |
|  | 2025 |  |  | 2024 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Apparel |  | $ | 1,681,366 |  |  |  | 69 | % |  | $ | 1,575,383 |  |  |  | 70 | %
Home |  |  | 312,698 |  |  |  | 13 | % |  |  | 304,357 |  |  |  | 13 | %
Accessories |  |  | 310,139 |  |  |  | 13 | % |  |  | 278,109 |  |  |  | 12 | %
Other |  |  | 115,576 |  |  |  | 5 | % |  |  | 101,292 |  |  |  | 5 | %
Retail operations |  |  | 2,419,779 |  |  |  | 100 | % |  |  | 2,259,141 |  |  |  | 100 | %
Subscription operations |  |  | 263,286 |  |  |  |  |  |  | 168,638 |  |  |  |
Apparel |  |  | 140,244 |  |  |  | 93 | % |  |  | 117,043 |  |  |  | 94 | %
Accessories |  |  | 10,400 |  |  |  | 7 | % |  |  | 7,390 |  |  |  | 6 | %
Other |  |  | 547 |  |  |  | 0 | % |  |  | 479 |  |  |  | 0 | %
Wholesale operations (1) |  |  | 151,191 |  |  |  | 100 | % |  |  | 124,912 |  |  |  | 100 | %
Total net sales |  | $ | 2,834,256 |  |  |  |  |  | $ | 2,552,691 |  |  |  |
(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:
|  | July 31, |  |  | January 31, |  |  | July 31, |
|  | 2025 |  |  | 2025 |  |  | 2024 |
Property and equipment, net |  |  |  |  |  |  |  |  |
Domestic operations |  | $ | 1,223,526 |  |  | $ | 1,188,769 |  |  | $ | 1,162,995 |
Foreign operations |  |  | 153,285 |  |  |  | 142,308 |  |  |  | 151,928 |
Total property and equipment, net |  | $ | 1,376,811 |  |  | $ | 1,331,077 |  |  | $ | 1,314,923 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | July 31, |  |  | July 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Domestic operations |  | $ | 1,304,771 |  |  | $ | 1,175,450 |  |  | $ | 2,476,921 |  |  | $ | 2,234,373 |
Foreign operations |  |  | 199,984 |  |  |  | 176,509 |  |  |  | 357,335 |  |  |  | 318,318 |
Total net sales |  | $ | 1,504,755 |  |  | $ | 1,351,959 |  |  | $ | 2,834,256 |  |  | $ | 2,552,691 |

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- Definition The entire disclosure for reporting segments including data and tables. 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