Home / Knowledge / News / Apparel/Garments / Urban Outfitters FY16 net income down 3.41%
Urban Outfitters FY16 net income down 3.41%
10
Mar '16
Courtesy: Urban Outfitters
Courtesy: Urban Outfitters
Urban Outfitters, a US based lifestyle retailing company, reported a fall of 3.41 per cent to $224.48 million in its net income in the fiscal 2016, ending on January 31, as compared to $232.42 million in the fiscal 2015, according to a press statement released by the company.

As a per cent of net sales, the net income for FY16 was 6.5 per cent as compared to 7 per cent in FY15, ending on January 31, 2015.

The net sales, however, recorded for the twelve month period of FY16 was $3,445.13 million as compared to $3,323.07 million in FY15, a rise of 3.67 per cent.

Commenting on the results, Richard Hayne, chairman, president and CEO of the company said in the Q4 earnings conference call, “Fashion retailers had a difficult 2015. It is relatively easy to list the many headwinds that might have caused such a phenomenon: anemic growth, stagnant household incomes, increased spending on non-discretionary items, increased competition from newer retailers – both traditional and online, stiff deflationary pressures and increased competition from trending categories like electronics and dining out.”

“The last major fashion shift was ten years ago, when the skinny bottom returned to popularity,” he added. “Since then, we have had all varieties of skinny: low-rise, high-rise, colour, black, white and print; washed, sanded, sliced and destroyed; yoga and active; leggings, jeggings and stretch.”

“Today, the customer has a closet full of various skinny bottoms and she has many, many long tops and sweaters to go over them. Without fashion need to drive her purchases, the customer can easily defer her apparel spend,” he opined.

A major fashion shift is the solution to the declining income from apparel sales, according to him. He is certain that the change will come, though cannot predict when.

He also said that the company will continue to make investments in infrastructure, marketing and technology for increased direct and omni-channel sales. (MCJ)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 28th Feb 2020

Cambodian PM urges PRC to export raw materials by air, sea

Prime Minister Hun Sen recently urged Chinese ambassador to Cambodia...

Pic: Shutterstock

Textiles | On 28th Feb 2020

Pak govt urged to help clear consignments from China

The Sindh Industrial Trading Estate (SITE) Association of Industry...

Pic: Shutterstock

Textiles | On 28th Feb 2020

Coronavirus an opportunity for Indian textile industry?

While scientists across the world are busy developing vaccine and...

Interviews View All

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Textile industry, Head honchos

Textile industry
Head honchos

Clothes are no more bound by gender

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search