Urban Outfitters announced record earnings of $31.7 million for the fourth quarter ended January 31, 2005, a 72% increase over the comparable quarter last year.

Fourth quarter diluted earnings per share rose to $0.38 this year versus $0.22 in the prior year.

As previously stated, net sales for the fourth quarter increased by 43% to a record $251.6 million. Fueling this increase over the prior year was:

— New and noncomparable store sales increases of $40.5 million

— A 13% increase in total Company comparable store sales

— A 69% rise in direct-to-consumer sales

— A 106% jump in wholesale sales

Comparable store sales at Anthropologie, Free People and Urban Outfitters were up 17%, 58% and 10%, respectively, for a combined 13% increase versus a combined 21% ‘comp’ increase for the same quarter last year.

“It is gratifying to be able to report such exceptional results for both the quarter and year,” said Richard A. Hayne, Chairman and President. “In each quarter this past year, we produced strong double-digit ‘comp’ store sales gains while improving margins and leveraging SG&A expenses. In addition, we opened twenty-eight new stores and produced exceptional growth in both our direct-to-consumer and wholesale businesses. Each of our three brands strengthened their brand positions during the year and delivered results that produced record sales and earnings for the Company and record value for our shareholders.”

“Looking forward,” Mr. Hayne added, “customer reaction to our spring assortments at all of our brands are strong, and February comparable store sales continued to significantly exceed our plan. As such, we remain cautiously optimistic about our spring results.”

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