Urban Outfitters, New York City
Urban Outfitters has gone big — really big — in New York City, opening a 57,000-sq.-ft. “lifestyle center” store in Manhattan’s Herald Square area. The space, the brand’s largest location to date, is big on in-store shops and includes such extras as a hair salon, bookshop, coffee bar and photography shop (with a booth for printing Instagram snapshots). All this is featured along with Urban’s menswear, womenswear and home collections.
The multi-level store featured an expanded beauty department showcasing over 45 brands. There is also a large women’s shoe boutique, a fitness apparel and merchandise department, and an Urban Renewal Vintage shop. And the Pennsylvania-based collectables brand Three Potato Four has curated an exclusive shop featuring feature NYC-related souvenirs.
The store hosts several independently owned and operated companies, including Los Angeles-based Hairroin Salon, whose beauty occupies a portion of the first floor, and the legendary Amoeba Records, which has brought in a curated assortment of over 400 vintage vinyl titles that can only be found in the store. Eyewear company Tortoise & Blonde also has space in Herald Square.
The coffee bar, Intelligentsia Coffee, has a 900-sq.-ft. space on the ground level of the store, with its own entrance.
Facebook Q2 revenue, profit soar amid strong increases in mobile ad spending
Menlo Park, Calif. — Facebook Inc.’s revenue in the second quarter increased 61% to a better-than-expected $2.91 billion, up from $1.81 billion in the year-ago quarter, fueled by its fast-growing mobile advertising business.
Revenue from advertising was $2.68 billion, up 67% from last year. Mobile advertising revenue represented 62% of Facebook’s ad revenue in the second quarter, up from 41% in the year-ago period and 59% in first quarter 2014. Payments and other fees revenue was $234 million, a 9% increase from the same quarter last year.
Facebook posted $791 million in net income, compared with $333 million in second quarter 2013.
Facebook said it now has 1.32 billion monthly users. Roughly 62.8% of those users accessed Facebook’s service every day in the second quarter, up from 60.8% last year.
O’Reilly to hit full year expansion target
O’Reilly Automotive, the nation’s second largest auto parts retailer, said it is on track to open 200 new stores this year after posting its 22nd consecutive quarter of profit growth in excess of 15%.
A balanced mix of same store and organic sales growth enabled O’Reilly to grow sales 8%, to $1.85 billion during the second quarter ended June 30. Same store sales growth of 5.1% was better than the company’s forecast of 2% to 4% growth but below a robust 6.5% increase the prior year. Profits increased 16% to $206 million from $177 million while earnings per share, aided by stock buyback activity, advanced 21% to $1.91 million compared to $1.58.
O’Reilly president and CEO Greg Henslee said the retailer’s impressive and consistent results were driven by an unwavering commitment to providing excellent customer service every day.
In the auto parts world, only AutoZone is larger and operates more stores but O’Reilly is looking to narrow the gap. O’Reilly operates 4,257 stores in 42 states versus AutoZone’s slightly more than 4,900 stores in every state buy Hawaii. Despite AutoZone’s advantage in sheer units, O’Reilly is opening stores rapidly and expanding distribution capacity nationwide to improve access to parts. During the first half of the year, O’Reilly opened 91 new stores and is on track to hit its full year goal of 200 stores along with several DCs.
“Our new distribution center in Naperville, Ill., will begin servicing stores during the third quarter and the relocation of our Lewiston, Me., distribution center to a new, larger facility in Devens, Mass., is on track to be completed by the end of this year,” said Henslee. “The investment in these new facilities enhances our already robust distribution infrastructure and allows us to continue to grow our business by providing the best parts availability in our business."