Urban Outfitters Inc.’s fourth-quarter profits fell 47.8 percent as the company cut prices to clear slow-moving women’s apparel, but Richard Hayne, who reclaimed the mantle of chief executive officer this year, is plotting a global bounce back.
Net income fell to $39.3 million, or 27 cents a diluted share, from $75.2 million, or 45 cents, a year earlier. Sales for the three months ended Jan. 31 rose 9.3 percent to $730.6 million from $668.4 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"