FINANCE

Urban Outfitters Q4 sales up 6%, but still disappoint

BY Dan Berthiaume

Philadelphia – Urban Outfitters reported substantial gains in net sales for the fourth quarter and fiscal year 2014. Total company sales in the quarter increased 6% to $906 million, less than Wall Street expected, from $856.8 million in the year-ago period.

Same-store retail segment net sales, which include the direct-to-consumer channel, increased 1%. Same-store retail segment net sales increased 20% at Free People and 10% at Anthropologie and decreased 9% at Urban Outfitters. Wholesale segment net sales rose 24%.

For the year ended Jan. 31, 2014, total company net sales increased to $3.1 billion or 10% from $2.8 billion the prior year. Same-store retail segment net sales increased 6%. Wholesale segment net sales increased 20%.

"I am pleased to announce record Urban Outfitters sales for the fourth quarter of fiscal 2014 driven by outstanding performances from the Anthropologie and Free People brands," said Richard A. Hayne, CEO. "Although customer response to our early spring fashion offerings has been difficult to read due to weather abnormalities, the Anthropologie and Free People brands continue to deliver solid same-store retail segment sales gains. These gains, however, have been largely offset by weakness at the Urban Outfitters brand.”

The company will release fourth quarter and fiscal year 2014 earnings results on March 10, 2014.

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OPERATIONS

Report: ‘Dumb Starbucks’ revealed as TV prank

BY Dan Berthiaume

Los Angeles – The “Dumb Starbucks” parody store which opened in Los Angeles on Saturday, Feb. 8 has been revealed to be a prank for a Comedy Central TV show. According to the Associated Press, comedian Nathan Fielder made a public announcement on Feb. 10 that he opened the store for use in his TV show “Nathan for You.”

The store has since been shut down for operating without a valid health permit. Starbucks spokespeople told the Associated Press that Starbucks had been investigating violation of its trademark but may be willing to resolve the matter informally.

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B.Sherman says:
Feb-12-2014 05:50 pm

One would think....
Given the location and purpose of said storefront that better names might have been considered. 1. StarDumb Coffee 2. DumbStruck Coffee 3. DumbBucks Coffee ...that the reporter might have dug just a bit deeper before writing the original article or that the editorial review process would have squashed it for being a non-issue.

B.Sherman says:
Feb-12-2014 05:50 pm

Given the location and purpose of said storefront that better names might have been considered. 1. StarDumb Coffee 2. DumbStruck Coffee 3. DumbBucks Coffee ...that the reporter might have dug just a bit deeper before writing the original article or that the editorial review process would have squashed it for being a non-issue.

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OPERATIONS

Hhgregg COO resigns

BY Dan Berthiaume

Indianapolis – Gregg W. Throggmartin, COO of Hhgregg Inc., has resigned as the executive VP and COO of the company and as a member of the board, effective March 31, 2014. Throgmartin is leaving Hhgregg to pursue outside interests and manage family businesses.

Hhgregg will commence a search for a new COO. In the interim, other operations officers of the company will fulfill the responsibilities of Throgmartin.

“I want to thank Hhgregg for everything the company has meant to both my life and career,” said Throggmartin. “I believe that the company is in great hands and that the strategic initiatives the company is embarking on will continue to make the company prosperous. I wish the company the best in its future endeavors.”

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