The board of Urban Outfitters Inc. is expected to name Glen Senk chief executive officer, the company said in its quarterly conference call with investors.
Senk, who is currently president of Anthropologie and executive vice president of Urban Outfitters, will oversee the company's three brands while Richard Hayne, chairman and current chief executive officer, will remain chairman.
The company made the announcement Thursday as it posted flat fourth-quarter earnings, matching analysts' expectations. Management also said it moved past the difficulties imposed by a shift in fashion trends.
For the three months ended Jan. 31, net income inched up to $35.7 million from $35.6 million in the prior year, while diluted earnings per share remained at 21 cents. Sales for the quarter increased 13 percent to $360.8 million from $318.6 million last year.
Total same-store sales for the quarter dropped 5 percent. By brand, Urban Outfitters decreased 4 percent, Anthropologie was down 7 percent and Free People rose 4 percent. Full-year earnings fell to $116.2 million, or 69 cents a diluted share, from $130.8 million, or 77 cents in the year-ago period as sales jumped 12 percent to $1.22 billion from $1.09 billion.
While the company faced challenges this year due to what it deemed a significant shift in women's fashion, Hayne said the company has moved past this period, and is finding ways to interpret fashion to fit its target customers.
"In spite of the turbulence in the fashion world during the last 12 months, our brands have continued to deliver record sales and highly respectable profits," Hayne said on a conference call. "This is a tribute to the power that our three brands enjoy with their customers and reaffirms our belief that experiential retailing, one that creates an emotional tie between the brand and the customer, is a superior model and one that affords us a competitive advantage in the marketplace."
The company also said it expects to announce plans for the concept 4 retail brand by the third quarter of 2007. "Concept 4 will primarily serve the customer we know and understand the best, the well-educated, well-read and well-traveled women," Hayne said, implying that the target customer of the new concept is skewed older than its Urban brand.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews