Urban Outfitters Reports 8.4 Decrease in Net Sales to Close 2020, Announces Leadership Changes
PHILADELPHIA — Urban Outfitters (NASDAQ: URBN) reported an 8.4 percent sales decrease for the two months that ended on Dec. 31, 2020 compared with the same period a year earlier.
The Philadelphia-based apparel retailer said that lower sales within its brick-and-mortar stores were partially offset by double-digit sales growth across the digital platforms of its family of brands, which includes Free People and Anthropologie Group. For the fiscal year 2020, the company’s net sales declined by 14.3 percent year-over-year, although the retailer did open 18 new stores over the last 12 months.
In addition, Urban Outfitters has announced that current CEO Trish Donnelly will be stepping down on Jan. 31, 2021 after a seven-year stint with the company and will be replaced by Sheila Harrington. Urban Outfitters’ stock price opened at $27.90 per share on Wednesday, Jan. 13, up from $26.47 per share a year ago.