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Urban Outfitters sees decline in Q2 profit

US lifestyle retailer Urban Outfitters has seen a 20.9% decline in its second quarter net income.

The company, which also owns premium womenswear retailer Anthropologie, made a profit of $56.7m (£34.7m) for the period to July 31, 2011, down from $71.7m (£43.9m) in the same period a year ago.

Glen Senk chief executive of Urban Outfitters said that the reason for the decline was because of a weak mix of womenswear assortments at both Urban Outfitters and Anthropologie and added that the company was working to improve those collections and streamline its merchandising and ecommerce offer.

The company said it would act cautiously over the rest of the year but that it would not be put off plans to open a further 55 to 57 Urban Outfitters stores this year with a particular focus on European territories.

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