US: Urban Outfitters Q3 profit falls on higher markdowns
- Q3 net income down 30.6% to US$50.7m
- Gross margin fell 571 basis points to 35.4%
- Sales increased 6% over the quarter to $610m
Retailer Urban Outfitters has seen its third-quarter profit fall 30.6% on the back of increased markdowns in its Anthropologie and Urban Outfitters stores.
The company yesterday (14 November) booked a net income of US$50.7m for the three months to 31 October. Gross margin fell 571 basis points to 35.4%, due to increased markdowns to clear slow moving women's apparel inventory at Anthropologie and Urban Outfitters.
Sales increased 6% over the quarter to $610m, with comparable-retail sales, which include direct-to-consumer channels, falling 3%. Comparable-store sales were down 7% over the quarter. Comparable retail net sales were up 14% at Free People, flat at Urban outfitters and fell 7% at Anthropologie.
"We have made progress in many categories during the quarter," said CEO Glen Senk. "We anticipate additional improvements through continued product focus, aggressive inventory management and the organisation changes we announced last week."
Last week, the company announced a series of executive changes, with new leadership at its Anthropologie, Terrain and Urban Outfitters brands.
A controversial T-shirt that appeared on the Urban Outfitters' website was an early prototype and should not have been displayed, Danish clothing firm Wood Wood has told The Anti-Defamation League (AD...
The Anti-Defamation League (ADL) has described a T-shirt associated with the yellow Star of David symbol, made by teen fashion retailer Urban Outfitters, as a new low....
US clothing retailer Hot Topic has appointed John Kyees to its board of directors and said he will serve as a member of its audit committee....
Teen fashion retailer Urban Outfitters Inc has promoted Frank Conforti as chief financial officer, following the resignation of Eric Artz....
- The new age of disruption on apparel production
- Will Vietnam struggle with impending trade deals?
- Yuan devaluation impact mixed for garment firms
- China devaluation: what’s the big deal?
- Kurt Cavano on “the Uberfication of everything”
- US Q2 in brief: J Crew, Aeropostale, Bebe Stores
- Adidas seeking to resolve shoe supplier dispute
- Stock-out paradox persists despite data overload
- Luen Thai to continue investment in Vietnam
- New fabric protection with battlefield beginnings
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Ethiopia – the emerging textile and clothing industry
- Global market review of lingerie - forecasts to 2020
- Global market review of swimwear - forecasts to 2019