Saturday, May 19, 2018
Business

Urban Outfitters loses more than its cool

Hip lifestyle retailer Urban Outfitters has lost its chief executive without explanation, 18 percent of its stock value and clearly some of its cool among customers. Despite an 11 percent sales increase during the holiday season, the chain and its more sedate sibling Anthropologie unit suffered depressed profits after stores had to cut prices deeper than expected to move unsold leftovers. Co-founder and chairman Richard Hayne, 64, took over Wednesday after chief executive Glenn Senk, 55, stunned stockholders by resigning "to pursue other opportunities." Analysts had been expecting to hear the apparel and furnishings retailer was turning around. In recent months a popular jewelry designer accused Urban Outfitters of knocking off her work, pop singer Miley Cyrus tried to lead a boycott and the Navajo nation demanded the chain stop using its tribal name for a line of purses, T-shirts and underwear. Urban Outfitters and Anthropologie have stores in Tampa. Shares closed Wednesday at $24.03, down $5.41.

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