Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products
and services company which operates a portfolio of global consumer
brands comprised of Anthropologie, BHLDN, Free People, Terrain and
Urban Outfitters brands and the Food and Beverage division, today
announced net income of $86 million and $298 million for the three
months and year ended January 31, 2019, respectively. Earnings per
diluted share were $0.80 and $2.72 for the three months and year
ended January 31, 2019, respectively.
Total Company net sales for the three months
ended January 31, 2019, increased 3.7% over the same period last
year to a record $1.13 billion. Comparable Retail segment net sales
increased 3%, driven by double-digit growth in the digital channel,
partially offset by negative retail store sales. By brand,
comparable Retail segment net sales increased 4% at Free People, 4%
at Urban Outfitters and 2% at the Anthropologie Group. Wholesale
segment net sales increased 3%.
For the year ended January 31, 2019, total
Company net sales increased to $4.0 billion, or 9.3%, over the
prior year. Comparable Retail segment net sales increased 8%,
driven by double-digit growth in the digital channel and positive
retail store sales. Wholesale segment net sales increased 10%.
“The fourth quarter closed what was an
incredibly successful year for URBN and all of our brands,” said
Richard A. Hayne, Chief Executive Officer. “I want to thank our
associates worldwide for producing a record year and for their
dedication, drive and creativity,” finished Mr. Hayne.
Net sales by brand and segment for the three and twelve-month
periods were as follows:
|
Three Months
Ended |
|
|
Twelve
Months Ended |
|
|
January 31, |
|
|
January 31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net sales by brand |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urban Outfitters |
$ |
447,525 |
|
|
$ |
433,924 |
|
|
$ |
1,528,717 |
|
|
$ |
1,396,420 |
|
Anthropologie Group |
|
464,609 |
|
|
|
447,184 |
|
|
|
1,598,000 |
|
|
|
1,472,769 |
|
Free People |
|
209,315 |
|
|
|
201,659 |
|
|
|
799,205 |
|
|
|
721,966 |
|
Food and Beverage |
|
7,499 |
|
|
|
6,352 |
|
|
|
24,701 |
|
|
|
24,859 |
|
Total Company |
$ |
1,128,948 |
|
|
$ |
1,089,119 |
|
|
$ |
3,950,623 |
|
|
$ |
3,616,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Segment |
$ |
1,047,710 |
|
|
$ |
1,010,188 |
|
|
$ |
3,604,170 |
|
|
$ |
3,299,714 |
|
Wholesale Segment |
|
81,238 |
|
|
|
78,931 |
|
|
|
346,453 |
|
|
|
316,300 |
|
Total Company |
$ |
1,128,948 |
|
|
$ |
1,089,119 |
|
|
$ |
3,950,623 |
|
|
$ |
3,616,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended January 31, 2019,
the gross profit rate improved by 172 basis points and the adjusted
gross profit rate improved by 99 basis points versus the prior
year’s comparable period. The increase in adjusted gross profit
rate was primarily driven by better maintained margin from lower
markdown rates and improved initial mark-ups. Anthropologie
delivered the most significant improvement, followed by Urban
Outfitters. Store occupancy also leveraged due in part to the
positive comparable Retail segment net sales. For the year ended
January 31, 2019, the gross profit rate improved by 158 basis
points versus the prior year’s comparable period. The improvement
in gross profit rate was driven by lower markdowns at all three
brands and leverage in store occupancy cost due to Retail segment
comparable net sales.
As of January 31, 2019, total inventory
increased by $19.1 million, or 5.4%, on a year-over-year basis.
Comparable Retail segment inventory increased 3% at cost.
For the three months ended January 31, 2019,
selling, general and administrative expenses increased by $8.5
million, or 3.4%, compared to the prior year’s comparable period.
For the three months ended January 31, 2019, adjusted selling,
general and administrative expenses, increased by $10.5 million, or
4.2%, compared to the prior year’s comparable period and expressed
as a percentage of net sales, deleveraged 13 basis points. For the
year ended January 31, 2019, selling, general and administrative
expenses increased by $49.8 million, or 5.4%, compared to the prior
year’s comparable period and expressed as a percentage of net
sales, leveraged 88 basis points. The leverage for the year ended
January 31, 2019, was primarily driven by the net sales growth and
further benefited from continued savings associated with the fiscal
2018 store reorganization project and the nonrecurring store
reorganization expenses incurred in the prior year. The dollar
growth in selling, general and administrative expenses in both
periods was primarily due to increased direct selling and marketing
expenses to support and drive the increase in Retail segment net
sales and higher bonus and share-based compensation expense.
The Company’s effective tax rate for the three
months ended January 31, 2019, was 25.1% compared to 98.6% in the
prior year period. The effective tax rate for the year ended
January 31, 2019, was 22.7% compared to 58.6% in the prior year
comparable period. The decrease in the effective tax rate for the
three months and year ended January 31, 2019, was primarily due to
a one-time tax expense of $64.7 million related to the
comprehensive United States tax legislation commonly referred to as
the Tax Cuts and Jobs Act (“Tax Act”) in the fourth quarter of
fiscal 2018. This non-recurring tax expense was due to the deemed
repatriation transition tax on our unremitted foreign earnings and
the revaluation of our net U.S. deferred tax assets as a result of
the lower federal rate enacted as part of the Tax Act.
Net income for the three months and year ended
January 31, 2019, was $86 million and $298 million, respectively,
and earnings per diluted share was $0.80 and $2.72,
respectively.
On August 22, 2017, the Company’s Board of
Directors authorized the repurchase of 20 million common shares
under a share repurchase program, of which 14.4 million common
shares were remaining as of January 31, 2019. During the year ended
January 31, 2019, the Company repurchased and subsequently retired
3.5 million common shares for approximately $121 million under this
program. During the year ended January 31, 2018, the Company
repurchased and subsequently retired 2.1 million common shares for
approximately $46 million under this program. Additionally, during
the year ended January 31, 2018, the Company repurchased and
subsequently retired 6.0 million common shares for approximately
$111 million under a share repurchase program authorized by the
Company’s Board of Directors on February 23, 2015, completing such
share repurchase program in August 2017.
During the year ended January 31, 2019, the
Company opened a total of 18 new retail locations including: 6 Free
People stores, 5 Urban Outfitters stores, 4 Anthropologie Group
stores and 3 Food and Beverage restaurants; and closed 11 retail
locations including: 5 Urban Outfitters stores, 3 Anthropologie
Group stores and 3 Free People stores. During the year ended
January 31, 2019, 5 franchisee-owned stores were opened including:
4 Urban Outfitters stores and 1 Free People store.
Urban Outfitters, Inc., offers
lifestyle-oriented general merchandise and consumer products and
services through a portfolio of global consumer brands comprised of
245 Urban Outfitters stores in the United States, Canada and Europe
and websites; 227 Anthropologie Group stores in the United States,
Canada and Europe, catalogs and websites; 135 Free People stores in
the United States, Canada and Europe, catalogs and websites, 13
Food and Beverage restaurants, 4 Urban Outfitters franchisee-owned
stores and 1 Free People franchisee-owned store, as of January 31,
2019. Free People, Anthropologie Group and Urban Outfitters
wholesale sell their products through approximately 2,200
department and specialty stores worldwide, digital businesses and
the Company’s Retail segment.
A conference call will be held today to discuss fourth quarter
results and will be webcast at 5:00 pm. ET at:
https://edge.media-server.com/m6/p/njvoyf8x
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 worldwide
political events and the resultant impact on consumer spending
patterns, the effects of the implementation of the United Kingdom's
referendum to withdraw membership from the European Union (commonly
referred to as “Brexit”), including currency fluctuations, economic
conditions, and legal or regulatory changes, any effects of war,
terrorism and civil unrest, natural disasters or severe or
unseasonable weather conditions, increases in labor costs,
increases in raw material costs, 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,
changes to U.S. and foreign trade policies, including the enactment
of tariffs, border adjustment taxes or increases in duties or
quotas, the closing or disruption of, or any damage to, any of our
distribution centers, our ability to protect our intellectual
property rights, risks associated with digital sales, our ability
to maintain and expand our digital sales channels, response to new
store concepts, our ability to integrate acquisitions, failure of
our manufacturers and third-party vendors to comply with our social
compliance program, changes in our effective income tax rate, the
impact of the U.S. Tax Cuts and Jobs Act, 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.
(Tables follow)
|
|
URBAN
OUTFITTERS, INC.Condensed Consolidated Statements
of Income(amounts in thousands, except share and per share
data)(unaudited) |
|
|
|
|
Three Months
Ended |
|
|
Twelve
Months Ended |
|
|
January 31, |
|
|
January 31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,128,948 |
|
|
|
$ |
1,089,119 |
|
|
|
$ |
3,950,623 |
|
|
|
$ |
3,616,014 |
|
|
Cost of sales |
|
756,438 |
|
|
|
|
748,481 |
|
|
|
|
2,603,911 |
|
|
|
|
2,440,507 |
|
|
Gross profit |
|
372,510 |
|
|
|
|
340,638 |
|
|
|
|
1,346,712 |
|
|
|
|
1,175,507 |
|
|
Selling, general and administrative expenses |
|
258,302 |
|
|
|
|
249,850 |
|
|
|
|
965,399 |
|
|
|
|
915,615 |
|
|
Income from operations |
|
114,208 |
|
|
|
|
90,788 |
|
|
|
|
381,313 |
|
|
|
|
259,892 |
|
|
Other income, net |
|
1,179 |
|
|
|
|
301 |
|
|
|
|
4,240 |
|
|
|
|
1,474 |
|
|
Income before income taxes |
|
115,387 |
|
|
|
|
91,089 |
|
|
|
|
385,553 |
|
|
|
|
261,366 |
|
|
Income tax expense |
|
28,973 |
|
|
|
|
89,771 |
|
|
|
|
87,550 |
|
|
|
|
153,103 |
|
|
Net income |
$ |
86,414 |
|
|
|
$ |
1,318 |
|
|
|
$ |
298,003 |
|
|
|
$ |
108,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.81 |
|
|
|
$ |
0.01 |
|
|
|
$ |
2.75 |
|
|
|
$ |
0.97 |
|
|
Diluted |
$ |
0.80 |
|
|
|
$ |
0.01 |
|
|
|
$ |
2.72 |
|
|
|
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
107,119,657 |
|
|
|
|
108,248,440 |
|
|
|
|
108,303,594 |
|
|
|
|
111,887,308 |
|
|
Diluted |
|
108,389,723 |
|
|
|
|
109,214,592 |
|
|
|
|
109,706,007 |
|
|
|
|
112,367,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A PERCENTAGE OF NET SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
Cost of sales |
67.0 |
% |
|
|
68.7 |
% |
|
|
65.9 |
% |
|
|
67.5 |
% |
|
Gross profit |
33.0 |
% |
|
|
31.3 |
% |
|
|
34.1 |
% |
|
|
32.5 |
% |
|
Selling, general and administrative expenses |
22.9 |
% |
|
|
23.0 |
% |
|
|
24.4 |
% |
|
|
25.3 |
% |
|
Income from operations |
10.1 |
% |
|
|
8.3 |
% |
|
|
9.7 |
% |
|
|
7.2 |
% |
|
Other income, net |
0.1 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
|
Income before income taxes |
10.2 |
% |
|
|
8.4 |
% |
|
|
9.8 |
% |
|
|
7.2 |
% |
|
Income tax expense |
2.5 |
% |
|
|
8.3 |
% |
|
|
2.3 |
% |
|
|
4.2 |
% |
|
Net income |
7.7 |
% |
|
|
0.1 |
% |
|
|
7.5 |
% |
|
|
3.0 |
% |
|
|
|
URBAN
OUTFITTERS, INC.Condensed Consolidated Balance
Sheets(amounts in thousands, except share
data)(unaudited) |
|
|
|
|
January
31, |
|
|
January
31, |
|
|
2019 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
358,260 |
|
|
$ |
282,220 |
|
Marketable securities |
|
279,232 |
|
|
|
165,125 |
|
Accounts receivable, net of allowance for
doubtful accounts |
|
|
|
|
|
|
|
of $1,499 and $1,326, respectively |
|
80,461 |
|
|
|
76,962 |
|
Inventory |
|
370,507 |
|
|
|
351,395 |
|
Prepaid expenses and other current
assets |
|
114,296 |
|
|
|
103,055 |
|
Total current assets |
|
1,202,756 |
|
|
|
978,757 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
796,029 |
|
|
|
813,768 |
|
Marketable securities |
|
57,292 |
|
|
|
58,688 |
|
Deferred income taxes and other assets |
|
104,438 |
|
|
|
101,567 |
|
Total Assets |
$ |
2,160,515 |
|
|
$ |
1,952,780 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
144,414 |
|
|
$ |
128,246 |
|
Accrued expenses, accrued compensation and
other current liabilities |
|
242,230 |
|
|
|
231,968 |
|
Total current liabilities |
|
386,644 |
|
|
|
360,214 |
|
Long-term debt |
|
— |
|
|
|
— |
|
Deferred rent and other liabilities |
|
284,773 |
|
|
|
291,663 |
|
Total Liabilities |
|
671,417 |
|
|
|
651,877 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
Preferred shares; $.0001 par value,
10,000,000 shares authorized, none issued |
|
— |
|
|
|
— |
|
Common shares; $.0001 par value,
200,000,000 shares authorized, |
|
|
|
|
|
|
|
105,642,283 and 108,248,568 issued and
outstanding, |
|
|
|
|
|
|
|
respectively |
11 |
|
|
11 |
|
Additional paid-in-capital |
|
— |
|
|
684 |
|
Retained earnings |
|
1,516,190 |
|
|
|
1,310,859 |
|
Accumulated other comprehensive loss |
|
(27,103 |
) |
|
|
(10,651 |
) |
Total Shareholders’ Equity |
|
1,489,098 |
|
|
|
1,300,903 |
|
Total Liabilities and Shareholders’
Equity |
$ |
2,160,515 |
|
|
$ |
1,952,780 |
|
|
|
|
|
|
|
|
|
Important Information Regarding Non-GAAP
Financial Measures
In addition to evaluating the financial condition and results of
our operations in accordance with U.S. generally accepted
accounting principles (“GAAP”), from time to time our management
evaluates and analyzes results and any impact on the Company of
certain events outside of normal, or “core,” business and
operations, by considering adjusted financial measures not prepared
in accordance with GAAP. Examples of items that we consider
non-core include impairment charges, gains or losses on the
disposal of our stores or restaurant locations and the nonrecurring
impact of the comprehensive United States tax legislation commonly
referred to as the Tax Cuts and Jobs Act. In order to improve the
transparency of our disclosures, provide a meaningful presentation
of results from our core business operations and improve
period-over-period comparability, we have included certain adjusted
financial measures that exclude the impact of these non-core
business items.
We believe these adjusted financial measures are important
indicators of our recurring results of operations because they
exclude items that may not be indicative of, or are unrelated to,
our underlying results of operations and provide a useful baseline
for analyzing trends in our underlying business. Management uses
adjusted financial measures for planning, forecasting and
evaluating business and financial performance.
Non-GAAP financial measures should be viewed as supplementing, and
not as an alternative or substitute for, the Company’s financial
results prepared in accordance with GAAP. Certain of the items that
may be excluded or included in non-GAAP financial measures may be
significant items that could impact the Company’s financial
position, results of operations or cash flows and should therefore
be considered in assessing the Company’s actual and future
financial condition and performance. These adjusted financial
measures are not consistent with GAAP and may not be calculated the
same as similarly titled measures used by other companies.
|
|
URBAN OUTFITTERS,
INC.Reconciliation of Non-GAAP Financial
Measures(amounts in thousands, except per share
data)(unaudited) |
|
|
|
Reconciliation of Adjusted Gross
Profit: |
|
|
Three
Months Ended |
|
|
January 31, |
|
|
2019 |
|
|
2018 |
|
|
$'s |
|
% of Net Sales |
|
|
$'s |
|
% of Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
$ |
372,510 |
|
|
33.0 |
% |
|
$ |
340,638 |
|
|
31.3 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges (a) |
|
3,544 |
|
|
|
|
|
|
11,410 |
|
|
|
|
Adjusted gross profit (Non-GAAP) |
$ |
376,054 |
|
|
33.3 |
% |
|
$ |
352,048 |
|
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Selling, General and
Administrative Expenses: |
|
|
Three
Months Ended |
|
|
January 31, |
|
|
2019 |
|
|
2018 |
|
|
$'s |
|
% of Net Sales |
|
|
$'s |
|
% of Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
(GAAP) |
$ |
258,302 |
|
|
22.9 |
% |
|
$ |
249,850 |
|
|
23.0 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on disposal of restaurant
(b) |
|
— |
|
|
|
|
|
|
(2,061 |
) |
|
|
|
Adjusted selling, general and administrative
expenses (Non-GAAP) |
$ |
258,302 |
|
|
22.9 |
% |
|
$ |
247,789 |
|
|
22.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Income from Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
January 31, |
|
|
2019 |
|
|
2018 |
|
|
$'s |
|
% of Net Sales |
|
|
$'s |
|
% of Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations (GAAP) |
$ |
114,208 |
|
|
10.1 |
% |
|
$ |
90,788 |
|
|
8.3 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges (a) |
|
3,544 |
|
|
|
|
|
|
11,410 |
|
|
|
|
Loss on disposal of restaurant
(b) |
|
— |
|
|
|
|
|
|
2,061 |
|
|
|
|
Adjusted income from operations (Non-GAAP) |
$ |
117,752 |
|
|
10.4 |
% |
|
$ |
104,259 |
|
|
9.6 |
% |
|
|
URBAN OUTFITTERS,
INC.Reconciliation of Non-GAAP Financial
Measures(amounts in thousands, except per share
data)(unaudited) |
|
|
|
Reconciliation of Adjusted Net Income and Adjusted
EPS: |
|
|
Three
Months Ended |
|
|
January 31, |
|
|
2019 |
|
|
2018 |
|
|
$'s |
|
% of Net Sales |
|
|
$'s |
|
% of Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
86,414 |
|
|
7.7 |
% |
|
$ |
1,318 |
|
|
0.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges (a) |
|
3,544 |
|
|
|
|
|
|
11,410 |
|
|
|
|
Loss on disposal of restaurant
(b) |
|
— |
|
|
|
|
|
|
2,061 |
|
|
|
|
Provision for income taxes on
adjustments (c) |
|
(920 |
) |
|
|
|
|
|
(4,450 |
) |
|
|
|
Impact of Tax Cuts and Jobs Act,
net (d) |
|
1,197 |
|
|
|
|
|
|
64,705 |
|
|
|
|
Adjusted net income (Non-GAAP) |
$ |
90,235 |
|
|
8.0 |
% |
|
$ |
75,044 |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS (GAAP) |
$ |
0.80 |
|
|
|
|
|
$ |
0.01 |
|
|
|
|
Adjustments, net of tax |
|
0.03 |
|
|
|
|
|
|
0.68 |
|
|
|
|
Adjusted diluted EPS (Non-GAAP) |
$ |
0.83 |
|
|
|
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Impairment charges relate to four retail locations during the three
months ended January 31, 2019 and ten retail locations during the
three months ended January 31, 2018. The Company assessed the
current and future performance of its retail locations and it was
determined that these locations would not be able to generate
sufficient cash flow over the expected remaining lease term to
recover the carrying value of the respective assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) During
the three months ended January 31, 2018, the Company disposed of
one of the restaurants it previously acquired as part of the
purchase of certain assets of the Vetri Family group of restaurants
in fiscal 2017. Included in the loss on disposal was a reduction of
goodwill of the Food and Beverage division recorded in connection
with the purchase of certain assets of the Vetri Family group of
restaurants. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) The
income tax impact of non-GAAP adjustments is calculated using the
estimated tax rate in effect for the respective non-GAAP
adjustments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) During
the three months ended January 31, 2018, the Company recorded
one-time charges for the effects of the Tax Act. During the three
months ended January 31, 2019, the Company recorded an additional
tax expense to adjust its initial provisional estimates for the Tax
Act in its provision for income taxes. |
|
Contact: Oona
McCulloughDirector of Investor Relations(215) 454-4806
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