Urban Outfitters' profits surge
- Published: 15 March 2008 11:34
- Last Updated: 17 March 2008 11:34
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US young fashion chain Urban Outfitters is mulling the launch of new concepts and new brands, after scoring record profits for its fourth quarter.
Chief executive Glen Senk said: "We're exploring many new concepts. There are about 12 that we're thinking about."Senk said the fourth quarter had been "the pinnacle in what was a turnaround year". Sales soared 29% to US$465.4 million (£230.6m) for the three months to January 31.
Sales at the business's Anthropologie chain jumped 18% over the period, while sales at womenswear chain Free People rocketed 9% and sales at Urban Outfitters rose by 6%.
Senk said the results signalled "an exciting recovery". Sales were boosted by a reduction in discounting and costs, and total sales grew 23% to US$1.5 billion (£743m) for the year.
Senk, who was appointed chief executive last year, plans to increase own-brand merchandise by up to 50% across the stores.
He added that wholesale brands such as Leifsdottir, which is created by the Anthropologie design team, offered future growth opportunities. He is also considering introducing footwear to stores.
The business plans to open up to 50 stores across its three chains this year.
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