Life Style

Urban Outfitters recorded an 8% decline on holiday sales and announced the transition of CEO under the brand of the same name

Philadelphia-based lifestyle group Urban Outfitters, Inc. (URBN) announced on Tuesday that Sheila Harriston will become CEO of Coronavirus-related restrictions, reporting a 8.4% year-on-year decrease in sales during the 2020 holiday season. Its flagship Urban Outfitters brand.

URBN has reduced store traffic due to restrictions imposed in response to the Covid-19 pandemic-Instagram: @urbanoutfitters

During the two-month vacation period ending December 31, 2020, URBN, which also owns the Anthropologie and Free People brands, was an equivalent retailer as double-digit digital growth and improved conversion rates could not offset the decline. Segment sales were down 9%. Saves traffic resulting from measures taken to combat the Covid-19 epidemic.

By brand, comparable retail segment net sales were down 8% for the company’s flagship Urban Outfitters banner and 12% for the Anthropologie Group, but up 1% for Free People. Wholesale sales were down 1% across the company’s portfolio.

In the 11 months ended December 2020, URBN’s net sales were down 14.3% year-on-year. Net sales in the comparable retail segment fell 12%, while sales in the wholesale segment fell 42%.

Since the start of the fiscal year, URBN has opened 18 new retail stores and closed 6 completely. Six franchisee-owned stores have also been closed. The company currently operates more than 640 locations in the United States, Canada and Europe.

On Tuesday, URBN also announced that Urban Outfitters Group CEO Trish Donnelly will leave the company on January 31, 2021 to pursue new career opportunities. She will be taken over by Sheila Harrington, who is currently the CEO of the Free People Group, adding the role of CEO of the URBN brand of the same name to her existing responsibilities.

In addition, Gabriel Comforty, the current Chief Merchandising Officer of Urban Outfitters, has been promoted to President of North America under the brand. Emma Wisden will continue to serve as Managing Director of Urban Outfitters Europe, but will also lead the wholesale business of the Urban Outfitters brand. Both Forti and Wisden report to Harrington.

“Thanks to Trish for his dedication to the company for seven years. During his tenure, she built a strong and talented team, increasing Urban brand revenue by more than 10%,” said URBN. CEO Richard A. Hein said in the release. “Congratulations on the promotion and additional responsibilities of Sheila, Gabriel and Emma.”

Copyright © 2021FashionNetwork.com All rights reserved.

Urban Outfitters recorded an 8% decline on holiday sales and announced the transition of CEO under the brand of the same name

Source link Urban Outfitters recorded an 8% decline on holiday sales and announced the transition of CEO under the brand of the same name

Back to top button