Urban Outfitters, Inc. (URBN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Urban Outfitters, Inc. (URBN) no es solo otra marca minorista: es un ecosistema dinámico de moda, estilo de vida e innovación estratégica que ha transformado magistralmente la forma en que los consumidores jóvenes experimentan compras. Al combinar perfectamente la destreza digital, el diseño centrado en tendencias y una cartera de múltiples marcas, URBN ha creado un modelo de negocio único que resuena profundamente con los Millennials y la Generación Z, convirtiendo el comercio minorista en una experiencia inmersiva que va mucho más allá de las ventas de ropa tradicionales. Sumérgete en el intrincado lienzo de modelo de negocio que revela cómo esta empresa se ha posicionado como una potencia de tendencias en el panorama competitivo de la moda.

Urban Outfitters, Inc. (URBN) - Modelo de negocios: asociaciones clave

Fabricantes de ropa y accesorios

Urban Outfitters Fuentes de aproximadamente 300 socios de fabricación global en 16 países a partir de 2023. Las regiones de fabricación primarias incluyen:

Región	Porcentaje de fabricación
Porcelana	42%
Vietnam	24%
India	15%
Bangladesh	12%
Otros países	7%

Diseñadores de moda independientes y colaboradores de marca

Urban Outfitters mantiene asociaciones con 87 marcas de diseñadores independientes en 2023, incluyendo:

• Stussy
• Campeón
• Pollas
• Patagonia
• La cara norte

Socios al por mayor

Las asociaciones mayoristas clave incluyen:

Marca	Contribución anual de ingresos
Antropólogo	$ 1.4 mil millones
Gente libre	$ 980 millones
Outfitters urbanos	$ 1.6 mil millones

Socios del centro de logística y distribución

Urban Outfitters opera 6 centros de distribución primarios con asociaciones que incluyen:

• Logística XPO
• Cadena de suministro de FedEx
• Logística de UPS

Tecnología y proveedores de plataforma digital

Las asociaciones tecnológicas incluyen:

Proveedor	Enfoque tecnológico
Shop	Plataforma de comercio electrónico
Adobe	Marketing digital
SAVIA	Planificación de recursos empresariales

Urban Outfitters, Inc. (URBN) - Modelo de negocio: actividades clave

Operaciones y gestión de tiendas minoristas

A partir de 2024, Urban Outfitters opera 658 tiendas en múltiples marcas:

Marca	Número de tiendas
Outfitters urbanos	276
Antropólogo	228
Gente libre	154

Desarrollo y mantenimiento de la plataforma de comercio electrónico

Ingresos de ventas digitales para el año fiscal 2023: $ 1.72 mil millones, lo que representa el 36.7% de los ingresos totales de la compañía.

• Mantenidos sitios web dedicados de comercio electrónico para cada marca
• Plataformas de aplicaciones móviles en Urban Outfitters, Anthropologie y Gree People

Diseño de productos y pronósticos de tendencias

Presupuesto anual de desarrollo de productos: $ 87.4 millones en 2023.

Tamaño del equipo de diseño	Número de nuevos SKU anualmente
284 profesionales de diseño	Aproximadamente 12,000 productos únicos

Marketing y posicionamiento de la marca

Gastos de marketing para el año fiscal 2023: $ 276.5 millones.

• Asignación de marketing digital: 68% del presupuesto de marketing total
• Compromiso de las redes sociales: 12.4 millones de seguidores combinados en todas las plataformas

Gestión de inventario y optimización de la cadena de suministro

Valor de inventario total al 31 de enero de 2023: $ 635.8 millones.

Métrica de la cadena de suministro	Actuación
Relación de rotación de inventario	2.7x
Días de inventario	135 días

Urban Outfitters, Inc. (URBN) - Modelo de negocio: recursos clave

Cartera diversa de múltiples marcas

Urban Outfitters, Inc. opera 4 marcas minoristas principales a partir de 2023:

• Outfitters urbanos
• Antropólogo
• Gente libre
• Nuuly (servicio de alquiler de ropa)

Marca	Número de tiendas (2023)	Ingresos anuales
Outfitters urbanos	247 tiendas	$ 1.05 mil millones
Antropólogo	209 tiendas	$ 1.16 mil millones
Gente libre	136 tiendas	$ 573 millones

Infraestructura minorista digital y física

Huella minorista total a partir de 2023: 592 tiendas en múltiples marcas y países.

Canal minorista	Porcentaje de ventas
Ventas digitales	38.5%
Ventas de tiendas físicas	61.5%

Equipos de diseño y comercialización

Estadísticas de la fuerza laboral para diseño y comercialización:

• Total de empleados: 12,900
• Tamaño del equipo de diseño: aproximadamente 350-400 profesionales
• Ciclo promedio de desarrollo de productos: 6-8 semanas

Reconocimiento de marca

Demografía del consumidor para el mercado objetivo:

• Rango de edad primaria: 18-35 años
• Seguidores de las redes sociales:
  • Instagram: 3.2 millones
  • Tiktok: 1.1 millones

Capacidades de tecnología digital

Inversión y capacidades tecnológicas:

Área tecnológica	Inversión (2023)
Plataforma de comercio electrónico	$ 42 millones
Análisis de datos	$ 18 millones
Sistemas de gestión de inventario	$ 25 millones

Urban Outfitters, Inc. (URBN) - Modelo de negocio: propuestas de valor

Moda única y moderna para consumidores urbanos jóvenes

Urban Outfitters se dirige a los consumidores de entre 18 y 35 años con ingresos trimestrales de $ 1.07 mil millones a partir del cuarto trimestre de 2023. La marca ofrece artículos de moda con un precio promedio que varía de $ 50 a $ 250 por pieza de ropa.

Segmento de edad	Contribución de ingresos	Categorías de productos
18-24 años	42%	Ropa, accesorios
25-35 años	38%	Artículos para el hogar, estilo de vida

Estilo de vida curado y experiencia estética

Urban Outfitters mantiene 628 tiendas en múltiples marcas con una plataforma digital que genera el 35.6% de los ingresos totales en 2023.

• Marca antropológica: 230 tiendas
• Urban Outfitters Brand: 276 tiendas
• Marca de personas gratis: 122 tiendas

Mezcla de estilos de diseño vintage y contemporáneos

Inversión de diseño anual de $ 42.3 millones dedicados a la investigación de tendencias y el desarrollo de productos en 2023.

Experiencia de compra multicanal

Canal	Porcentaje de ventas	Índice de crecimiento
Tiendas físicas	64.4%	3.2%
Comercio electrónico	35.6%	12.7%

Interacción personalizada y atractiva de la marca

Presupuesto de marketing digital de $ 87.6 millones en 2023, con 6.2 millones de miembros del programa de lealtad activo.

• Seguidores de redes sociales: 8.3 millones
• Tiempo promedio de participación del cliente: 4.7 minutos
• Descargas de aplicaciones móviles: 2.1 millones

Urban Outfitters, Inc. (URBN) - Modelo de negocios: relaciones con los clientes

Compromiso en las redes sociales y construcción de la comunidad

A partir de 2024, Urban Outfitters mantiene la presencia activa de las redes sociales en las plataformas:

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	3.2 millones	2.7%
Tiktok	1.5 millones	3.1%
Gorjeo	742,000	1.9%

Programa de lealtad y recompensas

Estadísticas del programa Urban Outfitters UO Rewards:

• Totales miembros: 2.4 millones
• Gasto anual promedio por miembro: $ 327
• Repita la tasa de compra: 58%
• Tasa de redención de puntos: 42%

Marketing digital personalizado

Canal de marketing	Tasa de conversión	Impacto de ingresos
Personalización por correo electrónico	4.3%	$ 42 millones
Anuncios digitales dirigidos	3.9%	$ 38.5 millones

Herramientas interactivas de estilo en línea y recomendación

Métricas de uso de la herramienta de estilo en línea:

• Usuarios activos mensuales: 387,000
• Tiempo promedio dedicado a la herramienta: 6.2 minutos
• Tasa de conversión de las recomendaciones de la herramienta: 3.6%

Comentarios de los clientes y plataformas de co-creación

Canal de retroalimentación	Presentaciones totales	Implementaciones de productos
Revisiones de productos en línea	124,000 anualmente	37 Modificaciones de productos
Envíos de diseño de clientes	2.800 presentaciones	12 diseños implementados

Urban Outfitters, Inc. (URBN) - Modelo de negocios: canales

Tiendas minoristas en los Estados Unidos e internacionalmente

A partir del cuarto trimestre de 2023, Urban Outfitters, Inc. opera:

Marca	Número de tiendas	Extensión geográfica
Outfitters urbanos	247 tiendas	Estados Unidos, Canadá, Europa
Antropólogo	209 tiendas	Estados Unidos, Canadá
Gente libre	139 tiendas	Estados Unidos

Sitios web de comercio electrónico para cada marca

Los canales de ventas digitales incluyen:

• Sitio web de Urban Outfitters: urbanoutfitters.com
• Sitio web de Anthropologie: Anthropologie.com
• Sitio web de Free People: Freepeople.com

El comercio electrónico representaba el 36.4% de los ingresos totales de la compañía en el año fiscal 2023, por un total de $ 1.62 mil millones.

Aplicaciones de compras móviles

Descargas de aplicaciones móviles y usuarios activos:

• Aplicación Urban Outfitters: 2.5 millones de descargas
• Aplicación Anthropologie: 1.8 millones de descargas
• Aplicación de personas gratis: 1.2 millones de descargas

Plataformas de redes sociales

Plataforma	Seguidores	Tasa de compromiso
Instagram	8.9 millones	2.3%
Tiktok	3.6 millones	4.1%
Facebook	2.7 millones	1.5%

Redes de distribución al por mayor

Los socios al por mayor incluyen:

• Nordstrom
• Bloomingdale's
• ASOS
• Zalando

Los ingresos mayoristas en el año fiscal 2023 fueron de $ 307 millones, lo que representa el 6.9% de los ingresos totales de la compañía.

Urban Outfitters, Inc. (URBN) - Modelo de negocios: segmentos de clientes

Millennials y los consumidores de la Generación Z

A partir de 2024, Urban Outfitters se dirige a los consumidores de entre 18 y 35 años, representando a aproximadamente 68.2 millones de personas en los Estados Unidos. El poder de gasto demográfico central de la compañía alcanza los $ 360 mil millones anuales.

Grupo de edad	Tamaño de la población	Gasto anual promedio
Millennials (25-40)	72.1 millones	$ 215 mil millones
Gen Z (18-24)	67.4 millones	$ 145 mil millones

Fashion-Forward Urban Jóvenes para jóvenes

Urban Outfitters se concentra en los mercados urbanos con altas concentraciones de jóvenes profesionales, dirigidos a áreas metropolitanas con poblaciones de más de 500,000.

• Los principales mercados metropolitanos: Nueva York, Los Ángeles, Chicago, San Francisco, Boston
• Ingresos al consumidor urbano promedio: $ 78,500 por año
• Gasto discretario de la moda: $ 2,400 anualmente por consumidor

Estudiantes universitarios y profesionales jóvenes

La marca se dirige estratégicamente a 1.200 campus universitarios en todo Estados Unidos, con un enfoque principal en estudiantes y profesionales de la carrera temprana.

Segmento	Población	Presupuesto promedio de ropa
Estudiantes universitarios	19.9 millones	$ 1,700/año
Jóvenes profesionales (22-35)	49.5 millones	$ 2,800/año

Buscadores de estilo de vida conscientes de la tendencia

Urban Outfitters identifica a los consumidores que priorizan las experiencias de estilo de vida únicas y curadas con un gasto discrecional anual de $ 3,200 en productos de moda y estilo de vida.

• Preferencias clave de estilo de vida:
• Consumo centrado en la sostenibilidad
• Moda única y no convencional
• Compras experimentales

Demográfico de compras nativas digitales

La compañía se dirige a los consumidores digitalmente involucrados con una penetración de compras en línea del 92.3% entre los 18-35 grupos de edad.

Métrica de compras digitales	Porcentaje	Gasto anual en línea
Preferencia de compra móvil	76.5%	$1,950
Compras influenciadas en las redes sociales	64.2%	$1,350

Urban Outfitters, Inc. (URBN) - Modelo de negocio: Estructura de costos

Operaciones de tiendas minoristas y alquiler

A partir del año fiscal 2023, Urban Outfitters operaba 612 tiendas totales en múltiples marcas. Los costos totales de ocupación fueron de $ 644.3 millones para el año.

Tipo de tienda	Número de tiendas	Alquiler promedio por pie cuadrado
Outfitters urbanos	276	$52.40
Antropólogo	210	$58.75
Gente libre	126	$45.30

Gestión de la cadena de suministro y el inventario

Valor de inventario total al 31 de enero de 2023: $ 454.7 millones. Costo de bienes vendidos (COGS) para el año fiscal 2023: $ 1.87 mil millones.

• Relación de rotación de inventario: 3.2x
• Fabricación nacional: 35% de la producción total
• Abastecimiento internacional: 65% de la producción total

Plataforma digital e infraestructura de tecnología

Inversiones de tecnología e infraestructura digital para el año fiscal 2023: $ 87.6 millones.

Categoría de gastos tecnológicos	Costo anual
Mantenimiento de la plataforma de comercio electrónico	$ 32.4 millones
Ciberseguridad	$ 15.2 millones
Tecnología de marketing digital	$ 22.9 millones
Infraestructura en la nube	$ 17.1 millones

Marketing y promoción de la marca

Gastos de marketing total para el año fiscal 2023: $ 253.4 millones.

• Gasto publicitario digital: $ 142.6 millones
• Marketing en redes sociales: $ 45.7 millones
• Asociaciones de influencia: $ 23.5 millones
• Publicidad de medios tradicional: $ 41.6 millones

Salario de empleados y capacitación

Gastos totales relacionados con los empleados para el año fiscal 2023: $ 801.2 millones.

Categoría de empleado	Salario anual promedio	Fuerza de trabajo total
Empleados de tiendas minoristas	$35,600	9,800
Empleados corporativos	$95,300	2,450
Trabajadores del centro de distribución	$42,500	1,650

Urban Outfitters, Inc. (URBN) - Modelo de negocios: flujos de ingresos

Ventas directas de tiendas minoristas

Para el año fiscal 2023, Urban Outfitters reportó ventas minoristas totales de $ 4.56 mil millones. Desglose de ventas de tiendas minoristas por marca:

Marca	Ventas minoristas ($ M)	Porcentaje de total
Outfitters urbanos	1,523	33.4%
Antropólogo	1,387	30.4%
Gente libre	872	19.1%
Otras marcas	778	17.1%

Transacciones de plataforma de comercio electrónico

Las ventas digitales para el año fiscal 2023 alcanzaron los $ 1.74 mil millones, lo que representa el 38.2% de los ingresos totales de la compañía.

Ingresos de distribución al por mayor

Los ingresos al por mayor para el año fiscal 2023 fueron de $ 365 millones, lo que representa el 8% de los ingresos totales de la compañía.

Colaboración y licencia de la marca

• Los ingresos de colaboración con marcas externas generaron $ 42 millones en 2023
• Los acuerdos de licencia contribuyeron con aproximadamente $ 18 millones

Ventas de expansión del mercado internacional

Las ventas internacionales para el año fiscal 2023 totalizaron $ 612 millones, lo que representa el 13.4% de los ingresos totales.

Mercado internacional	Ventas ($ M)	Índice de crecimiento
Canadá	187	5.2%
Europa	276	7.8%
Resto del mundo	149	3.5%

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Value Propositions

You're looking at how Urban Outfitters, Inc. keeps its diverse customer base engaged and spending across its portfolio of brands as of late 2025. The value proposition isn't one-size-fits-all; it's a collection of tailored offerings.

Lifestyle Merchandising: Creating an emotional bond through curated apparel, home goods, and environments.

This is about selling a feeling, not just a shirt. The numbers show this curation is working, especially at the core Urban Outfitters brand. For the third quarter of fiscal year 2026, the Urban Outfitters brand delivered a 12.5% comparable retail segment net sales increase. That's strong pull. The Anthropologie Group also showed its enduring lifestyle appeal with a 7.6% retail segment comp. The Free People Group followed with a 4.1% retail segment comp. Honestly, Anthropologie's consistency is remarkable; they hit their 19th consecutive quarter of positive comparable sales. The Urban Outfitters brand itself achieved a 13% global retail segment comp in that same third quarter.

• Urban Outfitters Brand Global Retail Segment Comp (Q3 FY26): 13%
• Anthropologie Group Retail Segment Comp (Q3 FY26): 7.6%
• Free People Group Retail Segment Comp (Q3 FY26): 4.1%

Circular Fashion Model: Nuuly offers clothing rental and resale, appealing to values-driven consumers.

The subscription service, Nuuly, is a major value driver now, showing serious scale. In the third quarter of fiscal year 2026, Nuuly's sales jumped 49% year-over-year, hitting $145 million. This growth came from a 42% increase in average active subscribers compared to the prior year period. To give you context on its scale, as of the Q1 FY2026 report in May 2025, Nuuly already had 380,000 active subscribers. It's not just growth; it's profitable growth, too. For the full fiscal year 2025, Nuuly generated $13 million in operating profit. The core rental price point is $98 per month, which gives customers access to over 400 brands.

Metric	Value (Q3 FY26)	Value (Q1 FY26)	Value (FY2025)
Nuuly Revenue	$145 million	$124.4 million	N/A
Active Subscribers	N/A	380,000 (as of May)	N/A
Subscriber Growth (YoY)	42%	53%	50% (Q4 FY25)
Operating Profit	N/A	N/A	$13 million

Multi-Segment Coverage: Capturing distinct niches from young adults (UO) to affluent women (Anthropologie).

Urban Outfitters, Inc. is really a house of distinct businesses, and the latest results show broad-based strength. Total company net sales for the third quarter of fiscal year 2026 hit a record $1.53 billion. The total company net sales for the full fiscal year 2025 were $5.6 billion. You see the segmentation clearly when you look at the brand performance.

Brand/Segment	Net Sales / Comp Growth (Q3 FY26)	Notes
Total Company Net Sales	$1.53 billion	Record Q3 FY26 Revenue
Urban Outfitters Brand Comp	12.5% Retail Segment Comp	First double-digit comp in a long time
Anthropologie Group Comp	7.6% Retail Segment Comp	19th straight quarter of positive comps
Free People Group Total Sales	$399 million	Total sales
FP Movement Total Growth	18%	Fueled by Retail Comp of 4% and Wholesale of 29%

Experiential Discovery: Physical stores act as cultural hubs and media channels, not just distribution points.

The brick-and-mortar footprint remains a key part of the value delivery. As of the end of the third quarter of fiscal year 2026, Urban Outfitters, Inc. operated 768 locations globally. They are still investing in physical space, with plans for 69 new store openings across the portfolio. The focus is clearly on high-potential concepts; for instance, FP Movement is slated for 43 new stores in the coming year. New concepts are also proving their worth; the Mave store concept beat its sales plan by a high double-digit number in Q3 FY26, showing the power of in-house brand incubation.

• Total Global Locations (Q3 FY26 End): 768
• Planned New Store Openings (Total URBN): 69
• FP Movement Planned New Stores (FY26): 43

Fashion-Correct Product: Delivering on-trend, high-quality items to minimize markdowns.

When product is right, you sell it full-price, and that shows up directly in the gross margin. For the third quarter of fiscal year 2026, the gross profit rate improved by 31 basis points to reach 36.8%. This gain was hard-won, as tariffs acted as a 60 basis point drag on that same margin. So, the operational teams had to find nearly a full percentage point of gains just to net that small improvement, which they did through better inventory control and fewer markdowns, especially at Urban Outfitters and Free People. Back in Q4 of fiscal year 2025, the gross margin had already expanded by 300 basis points to 32.3%.

The gross profit dollars for Q3 FY26 hit a record $563 million, up 13% from the prior year. That's the real measure of product acceptance.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Customer Relationships

You're looking at how Urban Outfitters, Inc. keeps its customers engaged, especially with the growth of Nuuly. It's all about making the relationship sticky, blending digital convenience with physical touchpoints.

Subscription-Based

The Nuuly service is the core of the recurring revenue play here. It's a high-touch model because it includes the logistics of shipping and cleaning, which is a major part of the value proposition for the subscriber. The financial numbers show this model is scaling rapidly.

For the third quarter of fiscal year 2026, the subscription segment sales jumped 49% to $145 million. This growth was powered by a 42% increase in average active subscribers versus the prior year quarter. Looking back at the second quarter of fiscal 2026, Nuuly revenue was $138.9 million, a 53% increase year-over-year, driven by a 48% increase in average active subscribers. The service has shown incredible momentum, with subscribers growing by 52.9% in Q1 fiscal year 2025. As of late 2025, Nuuly has about 380,000 active subscribers. The company has a target of $1 billion in sales for Nuuly. For the full fiscal year ending January 31, 2025, Nuuly recorded an operating profit of $13 million. The service is projected to hit $500 million in sales for 2025.

Here's a quick look at the subscription segment's recent financial scale:

Metric	Value (Q3 FY26)	Value (Q2 FY26)
Segment Sales	$145 million	$138.9 million
Average Active Subscriber Growth (YoY)	42%	48%
Contribution to Total URBN Sales Growth	3.5 percentage points	N/A

Community-Driven

While specific numbers on the Gen Z advisory board aren't public, the focus on this demographic is clear, especially as the core Urban Outfitters brand has worked to reconnect. The company acknowledged losing focus on Gen Z, which led to a 9% decline in the Urban Outfitters North America retail segment sales in Q2 fiscal year 2025. The recovery plan involves rebranding and expanding product offerings to better engage this group. The success of Nuuly itself is tied to appealing to younger consumers who value variety and sustainability.

The broader digital strategy is also community-focused, showing success in bringing in new shoppers:

• Digital transformation resulted in 17% new customer growth in Q2.
• Increased marketing spend fueled sales and customer growth across all brands in Q2.
• The Urban Outfitters brand achieved a 13% global retail segment comp in Q3 FY26.

Omnichannel Convenience

Urban Outfitters, Inc. made a significant move to blend its physical stores with the digital rental service by allowing Nuuly returns at all U.S. retail locations starting November 14, 2025. This was an expansion of a previous test that ran at 25 stores, especially in college areas. This convenience is a direct relationship builder, aiming for faster processing and instant updates for the customer.

To drive adoption of this new process, an incentive was put in place for early users. Subscribers using the drop-off function through December 24, 2025, receive a 15% discount code for an Urban Outfitters purchase, redeemable through December 31, 2025. This strategy is designed to drive foot traffic into the stores, as one analyst noted it's "one way to get more people in stores". Nuuly's scale in the rental market is also a key relationship factor; it has more than double the active subscribers of its next-largest U.S. competitor, Rent the Runway, which reported 146,765 average active subscribers in Q2.

Experiential Marketing

The in-store return program itself functions as an experiential touchpoint, blending digital ease with in-person discovery, which is uniquely developed for Gen Z. The President of Urban Outfitters stated that stores are "spaces for discovery, connection, and convenience". While specific event attendance numbers aren't available, the focus on physical locations as connection hubs is evident through this integration. Furthermore, the Urban Outfitters brand is focusing on enhancing selling environments as part of its strategy.

Digital Personalization

The use of data to optimize product mix and marketing is implied by the strong digital performance and the focus on customer growth. The company's digital transformation is paying dividends in customer acquisition. The Urban Outfitters brand is planning to reduce promotions as part of its strategy, suggesting a move toward more targeted, personalized value rather than broad discounting. This aligns with using data to ensure the right product is available at the right time, which is the goal of AI-powered planning.

The overall financial health supports continued investment in these digital and experiential relationship tools:

• Total company net sales for Fiscal Year 2025 were $5.55 billion.
• Record net income for Fiscal Year 2025 was $402.5 million.
• Gross profit margin improved by 113 basis points to 37.6% in Q2.

Finance: draft 13-week cash view by Friday.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Channels

You're looking at how Urban Outfitters, Inc. gets its product to the customer right now, late in fiscal 2025. It's a mix of physical presence and digital reach, with a clear focus on growth in newer areas like rentals.

Specialty Retail Stores: Physical locations remain key traffic drivers. As of the end of the third quarter of fiscal 2025, Urban Outfitters, Inc. operated exactly 768 physical locations globally. For the nine months ended October 31, 2025, comparable Retail segment net sales growth was driven by mid single-digit positive growth in retail store sales. In the most recent quarter (three months ended October 31, 2025), both digital and in-store channels posted high single-digit positive gains.

Digital E-commerce: The websites and mobile apps across all brands are essential. For the nine months ended October 31, 2025, digital channel sales contributed to the mid single-digit positive growth seen in comparable Retail segment net sales. The North American Retail segment net sales represented approximately 14.3% of consolidated net sales for the full fiscal year ended January 31, 2025, while the European Retail segment accounted for about 7.9% of consolidated net sales for that same period.

The performance across the main segments for the three months ended October 31, 2025, shows the relative scale of these channels:

Channel/Segment	Net Sales ($, thousands) - Q3 FY2025	Year-over-Year Net Sales Change (%) - Q3 FY2025
Retail Segment (Stores & Digital)	$1,296,454	9.6% increase
Subscription Segment (Nuuly)	$144,629	48.7% increase
Wholesale Segment	$88,267	7.6% increase
Total Company Net Sales	$1,529,350	12.3% increase

Nuuly Subscription Platform: This dedicated digital channel for clothing rental is a major growth engine. For the three months ended October 31, 2025, Subscription segment net sales jumped 48.7%, primarily fueled by a 42.2% increase in average active subscribers compared to the prior year quarter. Over the nine months ended October 31, 2025, subscription net sales grew even faster at 53.4%, supported by a 47.3% rise in average active subscribers. By May 2025, Nuuly had surpassed 380,000 active subscribers. The net sales for this segment for the nine months ended October 31, 2025, totaled $407,915 thousand.

Wholesale Segment: This channel primarily moves Free People and FP Movement product to specialty customers. For the three months ended October 31, 2025, Wholesale segment net sales grew by 7.6%. This was led by an 8.4% increase in Free People wholesale sales. For the nine months ended October 31, 2025, Wholesale segment net sales reached $239,458 thousand, marking a 7.6% increase.

Pop-up/Experiential Venues: While the prompt mentions specific activations, the closest reported segment is Menus & Venues. This smaller channel saw its net sales increase from $10.3 million in the third quarter of 2024 to $10.8 million in the third quarter of 2025. For the nine months ended October 31, 2025, Menus & Venues net sales were $30,056 thousand.

You should note the channel performance drivers:

• Urban Outfitters Brand: Comparable Retail segment net sales increased 12.5% in Q3 2025.
• Free People Brand: Comparable Retail segment net sales increased 4.1% in Q3 2025.
• Anthropologie Brand: Comparable Retail segment net sales increased 7.6% in Q3 2025.
• Inventory Support: Total Retail segment inventory increased by 6.3% as of October 31, 2025, to support increased sales.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Customer Segments

You're looking at the distinct groups of people Urban Outfitters, Inc. (URBN) serves across its portfolio of brands as of late 2025. The company's strength lies in tailoring its value proposition to these specific, yet sometimes overlapping, segments.

Young Adults (Gen Z): Core Urban Outfitters demographic, seeking trendy, self-expressive apparel.

This core group drives the main Urban Outfitters brand. The brand showed significant recent strength, posting a 13% global retail segment comparable sales increase for the third quarter ended October 31, 2025. To be fair, this was a notable rebound, especially considering the brand saw an 8.7% decrease in comparable retail segment net sales for the full fiscal year ended January 31, 2025. The brand achieved a low single-digit operating profit margin globally in that same third quarter of fiscal 2026. This segment is highly engaged digitally, with high single-digit positive growth in digital channel sales contributing to comparable sales increases in earlier periods.

Affluent, Mature Women: Anthropologie's target for unique clothing and home furnishings.

The Anthropologie Group continues to serve a more established, affluent customer base, prioritizing unique aesthetics in both apparel and home goods. This segment demonstrates consistent performance; for the three months ended October 31, 2025, comparable Retail segment net sales increased 7.6%. This marked the 19th consecutive quarter of positive comparable sales for Anthropologie. Own-brand penetration within this segment reached a historical high, increasing over 100 basis points in the third quarter of fiscal 2026.

Bohemian/Wellness-Focused Women: Free People's customer base, valuing comfort and versatility.

Free People Group, which includes FP Movement, targets a customer valuing a bohemian, wellness-oriented lifestyle. For the quarter ending October 31, 2025, the Free People retail segment comparable sales grew 4.1%. The FP Movement activewear line is a significant growth engine, delivering total growth of 18% in that same period, supported by a 4% Retail segment comp and a 29% Wholesale segment sales increase. The Wholesale segment, largely driven by Free People, grew 7.6% overall for the quarter.

Values-Driven Style Rotators: Nuuly subscribers who prioritize variety, sustainability, and content creation.

The Subscription segment, anchored by Nuuly, captures customers seeking variety and a more circular approach to fashion. This is a major growth catalyst for Urban Outfitters, Inc. For the three months ended October 31, 2025, Subscription segment net sales surged 48.7%, fueled by a 42.2% increase in average active subscribers year-over-year. Nuuly sales hit $145 million in that third quarter. By May 2025, the service had surpassed 380,000 active subscribers, and in Q1 FY2026, the customer base grew by 53% year-over-year. This recurring revenue stream added 3.5 percentage points to the entire company's sales growth in Q3 FY26.

Here's a quick look at the recent comparable sales performance across the core retail brands for the three months ended October 31, 2025:

Brand Segment	Comparable Retail Segment Net Sales Growth (Q3 FY26)
Urban Outfitters	12.5%
Anthropologie Group	7.6%
Free People Group	4.1%

Also, consider the growth drivers for the Subscription segment:

• Subscription Segment Net Sales Increase (Q3 FY26): 48.7%
• Average Active Subscriber Increase (Q3 FY26): 42.2%
• Nuuly Net Sales (Q3 FY26): $145 million

Finance: draft 13-week cash view by Friday.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Urban Outfitters, Inc.'s operations as of late 2025. Understanding these costs is key to seeing where the margin pressure points are, especially with the current trade environment.

Cost of Goods Sold (COGS) remains the single largest cost component for Urban Outfitters, Inc. For the full fiscal year ended January 31, 2025, the Cost of Sales, which excludes store impairment and lease abandonment charges, totaled $3.619 billion. This figure represents the direct costs associated with the merchandise sold across all brands.

Selling, General, and Administrative (SG&A) expenses saw an increase in the third quarter of fiscal 2026. For the three months ended October 31, 2025, SG&A expenses increased by 13.7% compared to the prior year period. This dollar growth was primarily linked to increased marketing expenses supporting customer growth and higher store payroll expenses tied to net sales growth. For the full year ended January 31, 2025, total SG&A expenses were $402.367 million.

Logistics and Fulfillment costs are seeing significant capital allocation, particularly to support the growth of the Nuuly subscription segment. Urban Outfitters, Inc. announced a $60 million investment over a five-year period to build out its Nuuly fulfillment and laundry facility in Raymore, Missouri, which is its second U.S. fulfillment center. Furthermore, the company disclosed a $52.5 million investment for upgrades, including adding sortation technology, to this Missouri center. For fiscal year 2026 capital expenditures, approximately 25% is allocated to logistics capacity investments, which includes the Nuuly rental fulfillment center.

Store Occupancy Costs are a major fixed cost within the Cost of Sales structure. The leverage on these costs is a direct benefit of strong top-line performance. For instance, in the third quarter of fiscal 2026, the improvement in the gross profit rate was partly attributed to leverage in store occupancy costs driven by the increase in comparable Retail segment net sales.

Merchandise Costs are currently being pressured by external factors. Elevated tariffs have forced the company to adjust expectations for margin impact. While the company previously guided for a minimal negative impact of approximately 20 basis points to gross margins in the second half of the year (based on Q1 commentary), by the second quarter of fiscal 2026, the expectation for tariffs to reduce gross margins in the last six months of the year was revised upward to 75 basis points. This pressure on initial merchandise costs partially offset gross profit rate improvements for the nine months ended October 31, 2025.

Here are the key financial figures related to the cost structure as of the latest reported periods:

Cost Component	Period/Context	Amount/Rate
Cost of Sales (COGS)	Twelve Months Ended January 31, 2025	$3.619 billion
SG&A Expenses	Three Months Ended October 31, 2025 (Q3 FY2026)	Increased by 13.7%
SG&A Expenses (Total Dollars)	Twelve Months Ended January 31, 2025	$402.367 million
Nuuly Fulfillment Center CapEx (5-Year Plan)	Announced Investment	$60 million
Nuuly Fulfillment Center Upgrades (Recent)	As of Q2 FY2026 Call	$52.5 million
Logistics CapEx Allocation	FY2026 Plan	Approximately 25% of total CapEx
Tariff Impact on Gross Margin	Expected H2 FY2026	75 basis points reduction

The company is actively managing these costs through several levers:

• Negotiating better terms with vendors.
• Changing the country of origin where possible.
• Adjusting shipping modes, such as shifting from air to ocean freight.
• Strategically adjusting pricing to protect opening price points.

Finance: draft 13-week cash view by Friday.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Revenue Streams

Retail Segment Sales: Revenue from physical stores and e-commerce, the largest stream. For the year ended January 31, 2025, Total Retail segment net sales increased by 4.7%.

Subscription Revenue: Monthly fees from Nuuly, which saw a 60.4% net sales surge in FY2025. This growth was primarily driven by a 51.3% increase in average active subscribers in the current year versus the prior year period.

Total Net Sales: Reached a record $5.55 billion for the full fiscal year 2025. This represented a 7.7% increase year-over-year.

Wholesale Segment Sales: Primarily Free People apparel sold to third-party retailers. The Wholesale segment net sales increased 15.5% for the year ended January 31, 2025.

Rental and Resale: Nuuly generates revenue from subscriptions and the eventual sale of used rental garments. Nuuly achieved its first full year of profitability in FY2025, recording $13 million in operating profit for the year.

Here's the quick math on the segment growth for the full fiscal year 2025:

Revenue Stream	FY2025 Net Sales Change	Key Driver/Metric
Total Company Net Sales	7.7% increase	Total Net Sales: $5.55 billion
Retail Segment Net Sales	4.7% increase	Comparable Retail Sales: 3.4% increase
Subscription Segment Net Sales (Nuuly)	60.4% increase	Average Active Subscribers: 51.3% increase
Wholesale Segment Net Sales	15.5% increase	Free People Wholesale Sales: 17.9% increase

The Retail segment performance was uneven across the brands:

• Free People comparable Retail segment net sales increased 8.9%.
• Anthropologie comparable Retail segment net sales increased 7.7%.
• Urban Outfitters comparable Retail segment net sales decreased 8.7%.

To be fair, the subscription segment's growth is significant, but the retail segment still makes up the vast majority of the total revenue base. If onboarding takes 14+ days, churn risk rises, though the 51.3% subscriber growth suggests strong demand.

Finance: draft 13-week cash view by Friday.