Net sales drive Urban Outfitters earnings
Philadelphia – Urban Outfitters, Inc. reported stronger than expected net sales, which drove a 39% increase in net earnings. The specialty retailer reported record total net sales of $648 million during first quarter fiscal 2014, up 14% from $568 million in the same quarter last year. Net earnings for the quarter were $47 million, higher than analyst expectations and up 39% from first quarter fiscal 2013.
CEO Richard A, Hayne credited direct-to-consumer sales as a major driver of Urban Outfitters’ successful quarter. "Our focus on the direct-to-consumer channel has paid off nicely and we plan to continue to make the investments necessary to support its robust growth," said Hayne.
This fiscal year, Urban Outfitters plans to open 35-40 new stores, including 16 Urban Outfitters stores, 14 Free People stores, nine Anthropologie stores. In the most recent quarter, the company opened five new domestic stores as well as one Canadian and one European location.
Kemper expands Bellevue Collection
Bellevue, Wash. – Real estate development firm Kemper Freeman is moving ahead with a $1.2 billion expansion of The Bellevue Collection, a regional shopping center located in Bellevue, Wash. The expansion will add two million sq. ft. of retail, office, hotel, residential, dining and entertainment space.
The currently four million-sq.-ft. property already houses more than 250 stores and restaurants.
“With nearly 95,000 sq. ft. of new, high profile, street front and additional interior space, our expansion will give luxury retailers the presence they have been looking for, and the sophisticated Northwest consumers the shopping experience they crave,” said Kemper Freeman chairman and CEO Kemper Freeman.
DSW opens new Massachusetts store
Columbus, Ohio – Footwear/accessories retailer DSW Inc. opened a new store in Braintree, Mass., on May 18. The new store is located at 250 Granite Street.
DSW currently operates 377 stores in 42 states, the District of Columbia and Puerto Rico.