Urban Outfitters sees record Q2 sales, profit slides
Philadelphia — Urban Outfitters Inc. reported that profit for the second quarter dipped to $67.5 million, compared with $76.4 million last year.
Revenue rose to a record $811 million from $758.5 million, solidly beating analysts’ projections of $805 million in sales. Same-store sales increased 21% at Free People and 6% at the Anthropologie Group, and decreased 10% at Urban Outfitters.
Urban Outfitters operates under the Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters banners.
Wayfair files for a $350 million IPO
Boston — Wayfair filed its paperwork with the U.S. Securities and Exchange Commission on Friday to raise as much as $350 million on the public market.
The Boston-based online homegoods retailer posted a loss last year of $15.5 million, and the loss was $51.4 million in the last six months. Goldman Sachs, Bank of America Merrill Lynch, and Citigroup are leading up the underwriting for the IPO, along with Allen & Co., Pacific Crest Securities, Piper Jaffray, Wells Fargo Securities, Canaccord Genuity, Cowen and Co., and Raymond James.
Wayfair didn’t give guidance on share offering prices.
Activist hedge fund gets anonymous PetSmart ‘internal change’ tip
New York — Activist hedge fund Jana Partners revealed on Monday that it received an anonymous package detailing a PetSmart presentation around improving results over the next two quarters.
According to Jana in a filing with the Securities and Exchange Commission, a cover letter accompanied the presentation, saying that PetSmart had “missed internal projections.” Jana said it sent the documents back to the company, asking the board to “promptly release such materials after redacting any such competitively sensitive information.”
Jana, which has a 9.8% stake in PetSmart, has been calling on the company to conduct a financial review of its options and consider a sale after what it calls years of financial underperformance. Neither Jana nor PetSmart have commented publically on the tip.