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Urban Outfitters’ Q4 profit doubles
Philadelphia -- Urban Outfitters reported net income of $83 million for the fourth quarter ended January 31, 2013, up from $39.26 million in the year-ago period, on strong same-store sales and higher revenue.
Total company net sales for the quarter increased 17% to $857 million. Comparable retail segment net sales, which include comparable direct-to-consumer channel, increased 11% for the quarter, while comparable store net sales were flat.
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Barnes & Noble signs CEO to new employment pact
New York -- Barnes & Noble Inc. signed an employment agreement with CEO William Lynch to remain in his post for another two years, according to a filing with the U.S. Securities and Exchange Commission.
Lynch will receive the same compensation and benefits as before, but get an additional cash bonus of $1.8 million for his role in attracting investments from Microsoft Corp. and Pearson PLC in forming Nook Media LLC, according to a Reuters report.