Urban Outfitters Q2 profit up 8%; tops Street
Philadelphia — Urban Outfitters Inc.’s profit for the second quarter rose 8% to $61.3 million from $56.7 million in the year-ago period, helped by strong sales as its namesake stores.
Total company net sales for the quarter, ended July 31, rose by 11% over the same quarter last year to $676 million. Same-store net sales, which include the direct-to-consumer channel, increased 4% for the quarter, while comparable store net sales decreased 1%.
During the six months ended July 31, 2012, the company opened a total of 28 stores including: 10 Free People stores, 10 Urban Outfitters stores, six Anthropologie stores, one BHLDN store and one Terrain garden center. It closed one Anthropologie store.
Kings Food Markets expands into Connecticut with acquisition
Parsippany, N.J. — Kings Food Markets announced that the company has expanded into Connecticut with the acquisition of a Porricelli’s Market location in Old Greenwich.
Kings, with 24 stores in New Jersey and New York, recently completed a brand relaunch that included grand reopenings of its Bedminster and Livingston, N.J., stores, with additional reopenings slated to take place throughout 2012 and 2013.
Supervalu names president of Shoppers
Minneapolis — Supervalu announced that Robert Bly will join the company as president of Shoppers Food and Pharmacy, a 56-store chain in the Baltimore, and Washington, D.C., market.
Bly, 49, most recently served as VP of Kmart and Sears divisions for the Sears Holdings Co. He is expected to begin his new role on Aug. 22 and will report to Chuck Elias, senior VP retail operations.
Bly replaces Tim Lowe, who recently accepted a new leadership role in Supervalu’s merchandising organization.