Urban Outfitters 1Q Profit Surges 45%
Philadelphia Urban Outfitters Inc. said Thursday its first-quarter profit rose 45%, helped by fewer markdowns and improved same-store sales.
The company’s reported net income jumped to $42.6 million compared with $29.4 million in the previous year.
For the period ended April 30, sales grew 25% to $394.3 million from $314.5 million.
Combined, same-store sales for its Anthropologie, Free People and Urban Outfitters brands increased 10% during the quarter.
“We produced exceptional results during the quarter: comp-store sales jumped 10%; gross profit rose 41%, or over 400 basis points; operating margin improved 75% to 16% of net sales; and we opened 12 new stores, including the launch of our newest concept, Terrain,” said Glen T. Senk, CEO.
The company plans to open approximately 45 new stores during fiscal year 2009.
Spice Depot snags Wal-Mart global sourcing expert
BURNABY, British Columbia Former Wal-Mart global sourcing and supplier development head John Ryan will join Spice Depot as president of retail development worldwide, the company reported.
“The significance of the appointment of Ryan to our senior management team cannot be underestimated,” says Spice Depot president Danny Ferraro. “John is a true giant in the retail sector, known worldwide for the pivotal role he played in developing global sourcing and supplier development for Walmart.”
Global Sourcing is a Walmart-accredited procurement strategy aimed at leveraging global efficiencies in production.
Ryan began his career with Mercantile Stores where he stayed 20 years, ascending ultimately to the position of evp responsible for merchandising and marketing.
Ryan joined Walmart in 1995 as evp of international merchandising and marketing. He later assumed responsibility for global sourcing and supplier development. He retired from Wal-Mart in 2004.
Socol to retire as head of Barneys
NEW YORK Barneys New York announced today the resignation of Howard Socol as chairman, president and ceo. Socol served in that capacity since January 2001 through a period of significant growth at Barneys and through two changes in ownership of the company.
Mr. Socol stated, “After more than seven of the greatest years of my long career in retail, I felt it was time to take time to enjoy all the opportunities that life affords. I felt strongly about remaining with the company for a short period following the sale to Istithmar as well as through the opening of our Las Vegas flagship. With the sale process well behind us and the Las Vegas location having opened in January of this year, this is the appropriate time to move forward. Barneys is very fortunate to have a fantastic management team that has been together for many years and that has led Barneys to the preeminent place in luxury retailing today.”
During Socol’s tenure with Barneys, the Company initiated an expansion program and has opened four flagship stores, 15 Barneys New York CO-OP stores and two outlet stores. Socol will remain with the company through the end of June.