Urban Outfitters 2011 Annual Report Download - page 83

URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(in thousands, except share and per share data)
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
2011 2010 2009
Net sales
Retail operations ................................................... $2,153,792 $1,833,733 $1,724,558
Wholesale operations ............................................... 124,768 109,269 120,364
Intersegment elimination ............................................. (4,458) (5,187) (10,304)
Total net sales ................................................. $2,274,102 $1,937,815 $1,834,618
Income from operations
Retail operations ................................................... $ 418,403 $ 338,114 $ 297,572
Wholesale operations ............................................... 23,372 22,164 28,170
Intersegment elimination ............................................. (389) (202) (11,209)
Total segment operating income ....................................... 441,386 360,076 314,533
General corporate expenses .......................................... (27,183) (21,092) (15,098)
Total income from operations ..................................... $ 414,203 $ 338,984 $ 299,435
Depreciation expense for property and equipment
Retail operations ................................................... $ 91,267 $ 85,077 $ 78,892
Wholesale operations ............................................... 1,136 1,069 613
Total depreciation expense for property and equipment ................. $ 92,403 $ 86,146 $ 79,505
Inventories
Retail operations ................................................... $ 213,420 $ 178,567
Wholesale operations ............................................... 16,141 7,563
Total inventories ............................................... $ 229,561 $ 186,130
Property and equipment, net
Retail operations ................................................... $ 582,241 $ 535,248
Wholesale operations ............................................... 4,105 4,713
Total property and equipment, net ................................. $ 586,346 $ 539,961
Cash paid for property and equipment
Retail operations ................................................... $ 142,791 $ 107,941 $ 111,658
Wholesale operations ............................................... 851 1,319 895
Total cash paid for property and equipment .......................... $ 143,642 $ 109,260 $ 112,553
The Company has foreign operations in Europe and Canada. Revenues and long-lived assets,
based upon the Company’s domestic and foreign operations, are as follows:
Fiscal Year
2011 2010 2009
Net sales
Domestic operations ................................................ $2,027,074 $1,752,787 $1,663,616
Foreign operations ................................................. 247,028 185,028 171,002
Total net sales ................................................. $2,274,102 $1,937,815 $1,834,618
Property and equipment, net
Domestic operations ................................................ $ 497,521 $ 470,401
Foreign operations ................................................. 88,825 69,560
Total property and equipment, net ................................. $ 586,346 $ 539,961
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