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Urban Outfitters' Q2 profit plummets 21%
Philadelphia -- Urban Outfitters reported Monday that profit for the quarter ended July 31 dropped 21% to $56.7 million, from $71.7 million a year earlier. The company blamed increased expenses related to investments in e-commerce, retail catalogs and technology for the performance slip.
The operator of Urban Outfitters, Anthropologie, Free People and Terrain clothing stores saw revenue rise 10% to $609.2 million, beating analysts’ expected $604.1 million.
Same-store sales slipped 2%.
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Barneys and Lady Gaga collaborate on 2011 holiday campaign
New York City -- Barneys New York said Monday it is teaming up with pop singer Lady Gaga on a holiday campaign and Christmas window display to be called Gaga’s Workshop.
The luxury department store retailer said that, in addition to the Gaga-themed window display, it will devote an entire floor of its Madison Avenue flagship to Gaga’s Workshop. The campaign will also feature limited-edition gift items and specially themed holiday shopping bags and packaging.