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Urban Outfitters Posts Sales, Organization Changes

(Filed Under Financial and General Interest News). Retailer Urban Outfitters, Inc., which operates Urban Outfitters, Anthropologie, BHLDN, Free People and Terrain brands, reported a rise in third-quarter income and net sales.

Net income came to $50.7 million, or 33 cents a share, for the quarter. Net sales increased 6 percent to $610 million, which fell short of analysts’ predictions of $629 million. Direct-to-consumer net sales rose 15 percent, while wholesale segment sales rose 13 percent. Same-store sales at Urban Outfitters remained flat while rising 14 percent at Free People and declining 7 percent at Anthropologie.

"We have made progress in many categories during the quarter," stated C.E.O. Glen T. Senk. "We anticipate additional improvements through continued product focus, aggressive inventory management and the organization changes we announced last week."

The company’s changes include the naming of David McCreight as C.E.O. of the Anthropologie Group, including the North American and European Anthropologie markets as well as BHLDN, the company’s bridal line. Having worked for retail giants Lands’ End, Disney Stores, Saks and The Limited, McCreight was most recently president of Under Armour, Inc. Charles Kessler, most recently of Coach, Inc., joined Urban Outfitters as chief merchandising officer.

Urban Outfitters, Inc. also appointed in-house employees Wendy McDevitt president of Terrain, Kristin Norris chief creative officer of Anthropologie, Denise Albright chief operating officer of Anthropologie.

Urban Outfitters, Inc. operates a wholesale business and multiple e-commerce platforms as well as over 400 retail locations in the United States, Canada and Europe.

more Financial and General Interest News >>

Published 11-15-2011 by Katherine Rautenberg

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