URBAN OUTFITTERS, INC. (NASDAQ:URBN) Files An 8-K Costs Associated with Exit or Disposal Activities
Item2.05.
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Costs Associated with Exit or Disposal Activities |
Urban Outfitters, Inc. (the Company) today announced store
leadership changes.As the Company adapts to the evolving retail
environment and better positions itself for the future, each of
URBNs 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. The Company estimates total one-time costs
related to this project will be approximately $8million incurred
over the first and second quarters of fiscal 2018 and total
future annualized savings related to this project to be
approximately $25million.
The Company posted a press release concerning the foregoing
matter. A copy of such press release is attached as Exhibit 99.1
and is incorporated herein by reference.
This Current Report on Form 8-K contains forward-looking
statements and are being made to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. When used
in this Current Report on Form 8-K, 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, any effects of
war, terrorism and civil unrest, natural disasters or severe
weather conditions, increases in labor 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 internet sales, 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,
changes in accounting standards and subjective assumptions,
regulatory changes and legal matters and other risks identified
in our filings with the United States Securities and Exchange
Commission, including those set forth in Item1A of our Annual
Report on Form10-K for the fiscal year ended January31, 2017,
filed on April3, 2017. We disclaim 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.
| Item9.01. | Financial Statements and Exhibits |
| 99.1 | Press Release dated April27, 2017 |
About URBAN OUTFITTERS, INC. (NASDAQ:URBN)
Urban Outfitters, Inc. is a lifestyle specialty retail company. The Company operates through two segments: Retail and Wholesale. The Company’s Retail segment consists of its Urban Outfitters, Anthropologie, Free People, Terrain and Bhldn brands, whose merchandise is sold to its customers through retail stores, Websites, mobile applications, catalogs and customer contact centers. The Retail segment also includes Vetri Family, which operates restaurants under the names Amis, Alla Spina, Lo Spiedo, Pizzeria Vetri and Osteria. Its Wholesale segment consists of the Free People wholesale division that primarily designs, develops and markets young women’s contemporary casual apparel and shoes through individual and chain specialty stores and department stores. The Company’s Wholesale segment includes Free People-branded tops, bottoms, sweaters, dresses, intimates, shoes and activewear, which are sold through department and specialty stores around the world, and its Free People stores. URBAN OUTFITTERS, INC. (NASDAQ:URBN) Recent Trading Information
URBAN OUTFITTERS, INC. (NASDAQ:URBN) closed its last trading session down -0.55 at 23.15 with 2,025,523 shares trading hands.
