Urban Outfitters Inc. reported a record second-quarter sales increase of 11% to $1.50 billion, driven by an 8% rise in Retail segment sales, a 53% increase in Subscription segment sales, and an 18% increase in Wholesale segment sales. The Retail segment saw a comparable sales increase of 6%. The company's gross profit dollars rose by 15% to $566 million, with a gross profit rate increase to 37.6%, primarily due to improved markdowns and leverage in occupancy costs. Selling, General & Administrative expenses increased by 13% to $392 million, with a slight deleverage as a percentage of net sales. Net income for the quarter reached a record $144 million, translating to earnings of $1.58 per diluted share.
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