Urban Outfitters’ fourth-quarter earnings fell short of estimates, and same-store sales were flat.
Clothing sellers are struggling to
cope with slow foot traffic at malls and a shift to e-commerce. The
industry also has had to rely more heavily on discounts to attracts
shoppers, weighing on margins. Urban Outfitters Chief Executive Officer
Richard Hayne said the holiday season was disappointing, with higher
markdowns than expected.
But the broader problem is there are just too many stores, he said on a conference call Tuesday evening.. . . more