Urban Outfitters 2Q Profit Jumps 79%
Philadelphia Urban Outfitters Inc. posted a 79% jump in quarterly profit, driven by strong same-store sales across all its branded stores and fewer markdowns that boosted gross-profit margins.
The specialty retailer reported net income of $57.0 million for the second quarter ended July 31, compared with $31.9 million a year earlier.
Urban Outfitters said net sales rose 30% to $454.3 million, while same-store sales grew 13% during the quarter, with sales at the company’s namesake stores rose 19%.
Same-store sales at Anthropologie rose 7%, while same-store sales jumped 10% at Free People stores.
ODP in alliance with Singapore office supplier
DELRAY BEACH, Fla. Office Depot has entered into a strategic alliance with Netbizz Office Supplies, a leading office supplies provider in Singapore, to provide office products and services to corporate customers in Singapore. Through this alliance, Netbizz Office Supplies will become Office Depot’s dedicated partner in Singapore, enabling clients to use the Office Depot international network for their multi-country supply needs.
“Singapore is a key market for many global companies and the new relationship between Office Depot and Netbizz Office Supplies will provide a complete procurement solution for both new and existing customers,” said Teddy Chung, managing director for Office Depot Asia. “Netbizz is a great fit for our alliance in Singapore because they share our relentless focus on taking care of business for customers, offering superior products, time-savings and value.”
JCPenney launches solar, wind power projects
PLANO, Texas JCPenney announced that it will supply electricity to 10 stores and on distribution center through the use of solar and wind power. According to the company, the effort is part of pilot projects to test new energy initiatives. In conjunction with these initiatives, JCPenney also announced plans to obtain ENERGY STAR certification for at least 200 stores.
JCPenney has engaged SunPower to install solar power systems on 10 JCPenney stores in California and New Jersey. According to the comoany,yhe solar systems will be financed, owned and operated by a third-party financier, from which JCPenney will purchase the solar-generated electricity under a SunPower Access power purchase agreement. The rooftop installations are expected to be complete in November.
JCPenney has also reached an agreement with Broadstar Wind Systems on a pilot program to install wind turbines at JCPenney’s 1.6 million-square-foot distribution center in Reno, Nev. After installation is completed in November, JCPenney will purchase electricity generated by the system from Broadstar.
“Hosting these solar and wind projects will add to our knowledge of the benefits and potential applications of renewable energy programs at our facilities,” said Myron Ullman, III, chairman and ceo. “Together with the energy-saving initiatives we already have in place in our stores and distribution centers, this is another significant step toward achieving our environmental objectives. With enthusiastic support from JCPenney associates nationwide, we are constantly looking for opportunities to contribute to a cleaner environment and run our business more cost effectively.”