Thursday, March 9, 2017

Urban Outfitters CEO Says the Retail Bubble Has Burst

Image result for urban outfittersUrban 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

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