Urban Outfitters CEO: Too many stores for apparel market
March 9, 2017
Richard Hayne, CEO of Urban Outfitters, said clothing sellers are seeing the fallout from retailers opening too many stores in the 1990s and early 2000s. He said the store footage created a bubble, which has since burst. The company’s stock fell nearly eight percent in trading to $23.40 after it posted a profit of 55 cents a share in the fourth quarter. Analysts were expecting a profit of 56 cents per share.
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