PHILADELPHIA, August 24, 2017 - Urban Outfitters, Inc. (NASDAQ:URBN), a leading
lifestyle products and services company which operates a portfolio of global
consumer brands comprised of Anthropologie, BHLDN, Free People, Terrain and
Urban Outfitters brands and the Food and Beverage division, today announced
that, effective August 22, 2017, it had expanded the size of its Board from 9 to
10 and elected Sukhinder Singh Cassidy as a Director. The addition of Ms.
Cassidy further expands the digital expertise that resides on the Board. She
will serve on the Nominating and Governance Committee.
Ms. Cassidy is a leading Internet executive and entrepreneur, with over 20 years
of experience building digital businesses. In addition to founding several
companies, including theBoardlist, Joyus and Yodlee, she served as CEO of
Polyvore, was President of Asia Pacific and Latin America for Google, and was an
early business development executive at Amazon. Besides URBN, she also
currently serves on the boards of TripAdvisor and Ericsson.
"We are delighted to have Sukhinder Singh Cassidy join our Board as an
independent director," said Richard A. Hayne, Chairman of Urban Outfitters Inc.
"She brings with her a wealth of knowledge and experience about our fast-growing
digital channel, and I believe she will help guide our digital and omni-channel
strategies so we can continue that growth," finished Mr. Hayne.
The Board of Directors also authorized the repurchase of an additional 20
million common shares. Pursuant to this program, the Company, at its
discretion, may repurchase its common shares from time to time, subject to
market conditions and at prevailing market prices. The company has 985,354
shares remaining under the February 2015 share repurchase authorization.
Urban Outfitters, Inc., offers lifestyle-oriented general merchandise and
consumer products and services through a portfolio of global consumer brands
comprised of 245 Urban Outfitters stores in the United States, Canada, and
Europe and websites; 225 Anthropologie Group stores in the United States, Canada
and Europe, catalogs and websites; 130 Free People stores in the United States
and Canada, catalogs and websites and 12 Food and Beverage restaurants, as of
July 31, 2017. Free People wholesale sells its product through approximately
1,900 department and specialty stores worldwide, third-party websites and the
Company's own retail stores.
This news release is being made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Certain matters contained in
this release may constitute forward-looking statements. When used in this
release, the words "project," "believe," "plan," "will," "anticipate," "expect"
and similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words. Any
one, or all, of the following factors could cause actual financial results to
differ materially from those financial results mentioned in the forward-looking
statements: the difficulty in predicting and responding to shifts in fashion
trends, changes in the level of competitive pricing and promotional activity and
other industry factors, overall economic and market conditions and worldwide
political events and the resultant impact on consumer spending patterns, any
effects of war, terrorism, and civil unrest, natural disasters or severe weather
conditions, increases in labor costs, availability of suitable retail space for
expansion, timing of store openings, risks associated with international
expansion, seasonal fluctuations in gross sales, the departure of one or more
key senior executives, import risks, changes to U.S. and foreign trade policies,
including the enactment of tariffs, border adjustment taxes or increases in
duties or quotas, the closing or disruption of, or any damage to, any of our
distribution centers, our ability to protect our intellectual property rights,
risks associated with internet sales, response to new store concepts, our
ability to integrate acquisitions, failure of our manufacturers and third-party
vendors to comply with our social compliance program, changes in our effective
income tax rate, changes in accounting standards and subjective assumptions,
regulatory changes and legal matters and other risks identified in the Company's
filings with the Securities and Exchange Commission. The Company disclaims any
intent or obligation to update forward-looking statements even if experience or
future changes make it clear that actual results may differ materially from any
projected results expressed or implied therein.
Director of Investor Relations
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Urban Outfitters via GlobeNewswire
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