Urban Outfitters 2012 Annual Report Download - page 83

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Table of Contents
URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(in thousands, except share and per share data)
and which are typically not allocated to the Company's segments. The Company accounts for inter-segment sales and transfers as if the sales and transfers
were made to third parties making similar volume purchases.
The accounting policies of the operating segments are the same as the policies described in Note 2, "Summary of Significant Accounting Policies."
Both the retail and wholesale segments are highly diversified. No customer comprises more than 10% of sales. A summary of the information about the
Company's operations by segment is as follows:
Fiscal Year
2012 2011 2010
Net sales
Retail operations $ 2,340,794 $ 2,153,792 $ 1,833,733
Wholesale operations 140,657 124,768 109,269
Intersegment elimination (7,650) (4,458) (5,187)
Total net sales $ 2,473,801 $ 2,274,102 $ 1,937,815
Income from operations
Retail operations $ 276,581 $ 418,403 $ 338,114
Wholesale operations 26,919 23,372 22,164
Intersegment elimination (709) (389) (202)
Total segment operating income 302,791 441,386 360,076
General corporate expenses (18,066) (27,183) (21,092)
Total income from operations $ 284,725 $ 414,203 $ 338,984
Depreciation expense for property and equipment
Retail operations $ 99,645 $ 91,267 $ 85,077
Wholesale operations 1,094 1,136 1,069
Total depreciation expense for property and equipment $ 100,739 $ 92,403 $ 86,146
Inventories
Retail operations $ 237,825 $ 213,420
Wholesale operations 12,248 16,141
Total inventories $ 250,073 $ 229,561
Property and equipment, net
Retail operations $ 681,501 $ 582,241
Wholesale operations 3,478 4,105
Total property and equipment, net $ 684,979 $ 586,346
Cash paid for property and equipment
Retail operations $ 189,311 $ 142,791 $ 107,941
Wholesale operations 699 851 1,319
Total cash paid for property and equipment $ 190,010 $ 143,642 $ 109,260
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