FINANCE

Urban Outfitters Q3 profit misses; to open 49 stores next year

BY Katherine Boccaccio

Philadelphia — Urban Outfitters reported Monday that net income in the third quarter rose 17.4% to $59.5 million, compared with $50.7 million in the prior-year period but missing Wall Street estimates.

Sales rose 13.6% to $692.9 million, narrowly missing analysts’ expected $692.5 million in revenue. Same-store sales dipped 1%.

“Favorable customer response to our product offerings and better marketing resulted in record third quarter sales and significant margin improvement,” said CEO Richard A. Hayne. “We see this trend continuing into the fourth quarter which bodes well for our holiday season.”

Revenue has increased for four consecutive quarters, and the company is planning significant growth. On tap for fiscal 2013 are 49 new stores, including 18 Urban Outfitters, 15 Free People, 14 Anthropologie and one BHLDN and one Terrain. For the fourth quarter, the company said it expects to open 10 stores.

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FINANCE

Chico’s profit soars in Q3

BY Katherine Boccaccio

Fort Myers, Fla. — Chico’s FAS reported Tuesday that net income for the quarter ended Oct. 27 surged 57.4% to $41.7 million, compared with $26.5 million in last year’s third quarter.

Sales increased 18.2% to $636.7 million, and same-store sales grew 9.9%.

By banner, Chico’s/Soma Intimates same-store sales increased 11.6%, and White House|Black Market rose 6.4%.

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OPERATIONS

Survey: Almost half of Cyber Monday shoppers to increase online spend

BY Katherine Boccaccio

Whiting, Ind. — Survey results released Tuesday by CouponCabin.com revealed that that 47% of Cyber Monday shoppers will spend more money online that day than they will in-store the during the rest of the holiday season. The holiday has gone mobile as well. More than one-quarter (29%) of smartphone and tablet owners plan to shop online on Cyber Monday on their devices.

The survey, conducted online nationwide by Harris Interactive, also found that 42% of smartphone owners who plan to shop online on Cyber Monday said they will "showroom" certain products on Black Friday with the intention to buy them on Cyber Monday.

When it comes to how much money they’ll spend on Cyber Monday this year, U.S. adults shared a variety of amounts. When asked how much money they plan to spend on Cyber Monday this year, those who plan to shop said the following:

  • $1-$100 – 39%
  • $101-$500 – 54%
  • $501 – $10,000 – 6%

“Cyber Monday’s popularity has grown year after year,” said Jackie Warrick, president and CEO of CouponCabin.com. “For some people, it’s even eclipsed Black Friday as the top day for saving, likely due to its convenience.”

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