In the wake of Urban Outfitters‘ stunning deal to purchase the Vetri Family of restaurants, many experts are asking the same question: Why did Urban just jump head first into the restaurant business?
Does it want to use gourmet food to attract customers to its physical stores? Does it want to ensure that newly planned Urban locations are surrounded by high-quality restaurants? Does it just think that Vetri is a solid side business? Read more »
Two of Philadelphia’s best-known brands are set to become united. Urban Outfitters has agreed to buy the Vetri Family of restaurants. No sale price has been disclosed.
“Having known Marc for almost a decade and partnered with him through his charitable foundation, we are honored to have him, Jeff and the Vetri family join the URBN team,” said Richard A. Hayne, CEO of Urban Outfitters in a statement. “Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept.” Read more »
Urban Outfitters has become the latest retailer to end its controversial on-call scheduling policy in North America. Previously, Urban workers would have to be on-call during some days off — making it difficult to schedule activities in their free time and forcing some to find child care or elder care with very little notice.
“We are always looking for ways to improve, and as such we have decided to end on-call scheduling for all URBN brand associates throughout North America,” a company statement reads. It goes on to say: “Our continued growth requires that we consistently foster a creative, flexible and friendly work environment.” Read more »
Urban Outfitters — known for its hipster-chic clothes and dorm-room-esque decor — made news for all the wrong reasons last week.
Urban sent a message to salaried employees asking for “weekend volunteers” to work at its fulfillment center in Gap, Pa. to help deal with the center’s busiest month to date. But rather than offering employees extra cash to trek out to rural Pennsylvania and pack boxes, the company framed the outing as a “team building activity.” The entire letter was published in this Gawker story.
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From left: Mary Alice Dorrance Malone (Campbell Soup photo); Michael Rubin (Undercover Boss screenshot); John Middleton (AP Photo/Matt Rourke); Richard Yuengling, Jr. (Yuengling publicity photo)
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Urban Outfitters posted record second-quarter sales and earnings beat expectations.
The Philly-retailer reported sales of $867 million — a 7 percent increase and the company’s highest second-quarter ever. Net sales increased 14 percent at Free People ($154 million), 4 percent at Urban Outfitters ($342 million) and 2 percent at the Anthropologie Group ($370 million). It saw a net increase of four stores and a 21 percent growth in wholesale sales. Read more »
While Urban comes under fire, Target slides under the radar. | Image via Target.com.
Urban Outfitters is in the headlines again, this time for offending Hindus by selling a ceramic jewelry stand in the shape of a Hindu goddess. As the Philadelphia Business Journal noted, this is the third time Urban has pissed off Hindus (the previous times were for using the likeness of deity Lord Ganesha on very un-divine things like socks and duvet covers). According to the Journal, the company pulled the jewelry stand from its website after Twitter complaints by Rajan Zed, the president of Universal Society of Hinduism.
But while Urban seems to find itself time and time again at the blistering center of these firestorms (neck and neck with American Apparel, which clings to headlines with pubic-haired mannequins), it’s not for lack of trying by other companies. Over at Target, there’s this “Hot Now Ganesha Throw.” Walmart sells this $39.99 Ganesha vinyl wall decal. Here’s a Ganesha dog tag. So why aren’t people up in arms about these? Read more »
1. Buy URBN Right Now
The News: When discussing Urban Outfitters‘ stock (URBN), Jefferies analyst Randal Konik made his opinions very clear — it’s a big buy. In fact, Konik said the stock has the potential to increase by 36 percent and hit $50.
Here are some of his reasons, highlighted in a Barron’s article. Read more »