NANTUCKET TAKES: Balanced Growth, Anthro Improving, & Execution Solid

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NANTUCKET TAKES: Balanced Growth, Anthro Improving, & Execution Solid

USA | Dept. Stores & Specialty Softlines

Urban Outfitters EquityJuneResearch18, 2026

FLASH NOTENANTUCKET TAKES: Balanced Growth, Anthro

RATING HOLDImproving, & Execution Solid

PRICE $76.10^

In Nantucket, we hosted URBN's mgmt team, including Francis Conforti (Co-

President & COO), Melanie Marein-Efron (CFO), and Oona McCullough (IR). PRICE TARGET | % TO PT $72.00 | -5%

During our meeting, we discussed Anthro, UO, portfolio diversification, FP 52W HIGH-LOW $84.35 - $59.54

Movement, and continued momentum for Nuuly. Following the meeting, we FLOAT (%) | ADV MM (USD) 54.4% | 101.47

believe execution across banners remains solid, with each banner having legs to MARKET CAP $6.8B

drive growth. URBN’s diversification should help mitigate brand volatility ahead. TICKER URBN ^Prior trading day's closing price unless otherwise

noted.

MET WITH MGMT. We met with Francis Conforti (Co-President & COO), Melanie Marein-Efron

(CFO), and Oona McCullough (Executive Director of Investor Relations). The discussion was

constructive and focused on portfolio consistency, brand-level execution, with mgmt emphasizing

diversification and momentum across key concepts.

Anthro Fixing Style Misses. Mgmt characterized Anthro's recent volatility as self-inflicted and

driven by assortment and execution rather than underlying demand. The brand had become over-

assorted and missed on key style trends. Importantly, mgmt highlighted that the team has strong

visibility into what went wrong and has already taken corrective actions.

Our Take: The key insight is that Anthro's challenges are fixable, and they are already making strides here.

UO Consistency Is The Next Proof Point. Mgmt framed UO as having meaningfully improved in