Urban Outfitters Sold Twice As Many Urban Outfits at the End of Last Year

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Photo: Bloomberg/Getty Images

Graphic tee, high-waisted shorts, and assorted tchotchke paradise Urban Outfitters Inc. doubled its profits for the last part of 2012, WWD writes. The chain's fourth-quarter earnings amounted to $82.5 million, up from $39.3 million for the time same period in 2011. CEO Richard Hayne told the trade, "We are still in a very early stage of unlocking the potential that the Internet and mobile technologies bring to the consumer industry," which seems surprising for a brand that sells a Cat Scratch D.J. Deck. (Urban should probably be 2.0 adept by now, no?) Hayne went on, "The disruptive nature of technology is completely transforming the space, and we are making investments so we remain at the top of the heap and we don't become an also-ran." For example, more and more full-price items are being purchased online — which Hayne hopes becomes a regular thing, but it's just not the same without the salespeople giving you the up-down.