URBN Announces Changes to Store Leadership
April 27 2017 - 4:30PM
PHILADELPHIA, PA, April 27, 2017 - Urban
Outfitters, Inc. (NASDAQ:URBN), a portfolio of global consumer
brands comprised of Anthropologie, Bhldn, Free People, Terrain and
Urban Outfitters brands and our Food and Beverage division, today
announced store leadership changes. As the Company adapts to
the evolving retail environment and better positions itself for the
future, each of URBN's brands are moving to a more streamlined
store leadership structure. This new organization will help each
brand become more efficient, while continuing to provide customers
with compelling shopping experiences. We estimate total
one-time costs related to this project will be approximately $8
million incurred over the first and second quarters of fiscal 2018
and total future annualized savings related to this project to be
approximately $25 million.
This news release is being made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Certain
matters contained in this release may constitute forward-looking
statements. When used in this release, the words "project,"
"believe," "plan," "will," "anticipate," "expect" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any one, or all, of the following factors could
cause actual financial results to differ materially from those
financial results mentioned in the forward-looking statements: the
difficulty in predicting and responding to shifts in fashion
trends, changes in the level of competitive pricing and promotional
activity and other industry factors, overall economic and market
conditions and the resultant impact on consumer spending patterns,
lowered levels of consumer confidence and higher levels of
unemployment, continuation of lowered levels of consumer spending
resulting from a worldwide political and economic crisis, any
effects of terrorist acts or war, natural disasters or severe
weather conditions, availability of suitable retail space for
expansion, timing of store openings, risks associated with
international expansion, seasonal fluctuations in gross sales, the
departure of one or more key senior executives, import risks,
including potential disruptions and changes in duties, tariffs and
quotas, the closing of any of our distribution centers, our ability
to protect our intellectual property rights, risks associated with
internet sales, response to new store concepts, failure of our
manufacturers to comply with our social compliance program, changes
in accounting standards and subjective assumptions, regulatory
changes and legal matters and other risks identified in the
Company's filings with the Securities and Exchange Commission. The
Company disclaims any intent or obligation to update
forward-looking statements even if experience or future changes
make it clear that actual results may differ materially from any
projected results expressed or implied therein.o
###
Contact:
Oona McCullough
Director of Investor Relations
(215) 454-4806
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Urban Outfitters via Globenewswire
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