Shelly Banjo, Columnist

Hey, Urban Outfitters, Stop Opening New Stores

All its growth coming from online sales is a warning sign.

June 10, 2016 at 3:43 PM UTC

Shelly Banjo leads the global business team for Bloomberg News in New York. A former New York bureau chief and senior tech writer, she’s covered business, finance and economics for two decades.

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It's time for Urban Outfitters to re-think its thing for physical stores.

Shares in the hipster-chic retailer dropped by as much as 9 percent Friday after it warned investors, in a quarterly results filing late Thursday, of falling sales in the current quarter. More than half a dozen Wall Street analysts subsequently cut their share-price targets. The consensus now pegs Urban's stock price in the next 12 months at around $31, down from around $40 a year ago.