Urban Outfitters Declares Two-for-One Split
PHILADELPHIA, Jun 1, 2004 (BUSINESS WIRE) -- Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle consumer products company operating under the Anthropologie, Urban Outfitters and Free People brands, today announced that its Board of Directors has authorized a two-for-one split of its common stock. This split will be accomplished in the form of a stock dividend of one share of its common stock for each share outstanding. The additional shares issued as a result of the stock split will be distributed on or about July 9, 2004 to shareholders of record on June 22, 2004. After giving effect to the split, the Company will have approximately 80.4 million shares outstanding.
"Our revenue growth and profitability over the last several years has been tremendous and operating results for the first quarter were even better. We continue to experience an extraordinary response to our fashion offerings across all three Brands. The two-for-one split is an affirmation of our confidence in both the short and long term growth potential of the business," said Richard A. Hayne, Chairman and President of Urban Outfitters, Inc.
Urban Outfitters, Inc. is an innovative specialty retailer and wholesaler which offers a variety of lifestyle merchandise to highly defined customer niches through 62 Urban Outfitters stores in the United States, Canada, and Europe; an Urban Outfitters catalog and web site (www.urbn.com); 54 Anthropologie stores in the United States; an Anthropologie catalog and web site (www.anthropologie.com); and Free People, the Company's wholesale division, which sells its product to approximately 1,100 specialty stores, department stores and catalogs, as well as through one Free People store.
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.
SOURCE: Urban Outfitters, Inc.
Urban Outfitters, Inc., Philadelphia
John E. Kyees, 215-564-2313