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Urban Outfitters forecasts an ugly second quarter

Reuters 05/20/2020

Urban Outfitters Inc. is expecting same-store sales for the retailer’s second-quarter to fall 60 percent as stores slowly begin to reopen with limited capacity in states around the country. The company has reopened about 40 percent of its 600 stores in the U.S. and abroad so far and expects to open another hundred by the first week in June. “We believe a return to near pre-virus levels will take many quarters and a medical vaccine or cure,” said CEO Richard Hayne

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