Pursuits
Urban Outfitters CEO Says the Retail Bubble Has Burst
- ‘Market is oversaturated with retail space,’ Hayne says
- Express Inc. also falls after grim first-quarter forecast
What a Border Adjustment Tax Means for U.S. Retailers
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Shares of Urban Outfitters Inc. and Express Inc. fell on Wednesday after the apparel chains gave a dour outlook for the industry, renewing concerns about America’s overabundance of retail stores.
Urban Outfitters’ fourth-quarter earnings fell short of estimates, and same-store sales were flat. At Express, sales tumbled 13 percent on that basis last quarter. The company warned that it may post a loss this quarter, surprising analysts.