Urban Outfitters Agrees to Acquire Styer's
PHILADELPHIA, Jan. 18, 2008 (PRIME NEWSWIRE) -- Urban Outfitters, Inc. (Nasdaq:URBN), a leading lifestyle consumer products company operating under the Anthropologie, Free People and Urban Outfitters brands, today announced that it had entered into an agreement, subject to due diligence, to acquire J. Franklin Styer Nurseries, Inc.
Styer's is one of the oldest and most respected garden centers in the Philadelphia metropolitan area. From its ten-acre nursery located just east of Chadds Ford, PA in Philadelphia's affluent western suburbs, Styer's offers a wide variety of indoor and outdoor plant material, an eclectic assortment of garden supplies and home products, a garden cafe and a comprehensive range of landscape design and construction services. Styer's Nursery will launch URBN's previously announced fourth brand, Terrain. The goal of Terrain is to transform the local garden center into an experience that celebrates the beauty and abundance of nature while offering an eclectic mix of garden-inspired products tailored for the contemporary customer.
"We are delighted to welcome Styer's into the URBN family," stated Richard A. Hayne, Chairman and Founder of Urban Outfitters, Inc. "We look forward to growing Styer's existing business and integrating it into our Terrain brand. We believe Terrain at Styer's will become one of the premier contemporary garden centers in the country," concluded Mr. Hayne.
Urban Outfitters, Inc. is an innovative specialty retailer and wholesaler which offers a variety of lifestyle merchandise to highly defined customer niches through 122 Urban Retail stores in the United States, Canada, and Europe, two Urban Outfitters web sites and an Urban catalog; 106 Anthropologie Retail stores in the United States, an Anthropologie web site and a catalog; and Free People, the Company's wholesale division, which sells its product to approximately 1,500 specialty stores, department stores and catalogs, as well as through 14 Free People stores, a web site and a catalog.
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 filing may constitute forward-looking statements. 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 the resultant impact on consumer spending patterns, including any effects of terrorist acts or war, availability of suitable retail space for expansion, timing of store openings, seasonal fluctuations in gross sales, the departure of one or more key senior managers, import risks, including potential disruptions and changes in duties, tariffs and quotas and other risks identified in 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.CONTACT: Urban Outfitters, Inc.
John Kyees, Chief Financial Officer