Urban Outfitters Offers Weak Damage Control
Urban Outfitters Inc. (NASDAQ:URBN) tried to console investors on Thursday after shares took a 19 percent plunge on Wednesday following the resignation of the company’s chief executive Glen Senk. At the ICR XChange conference in Miami, Chief Financial Officer Eric Artz said that Senk’s replacement, co-founder Richard Hayne, has been spending three to four days per week in the office in his former role as president and chairman.
“Dick never retired from anything,” said Artz. “He’s up to date on a quarterly basis. He’s been an active participant. He’s been involved in our strategy and knows what’s going on. I don’t anticipate a significant change in the overall strategy.”
The Philadelphia Inquirer Glen Senk He has taken a job as CEO of David Yurman Inc., as well as an ownership stake in the jewelry retailer. You think he’ll really be involved at Urban? Artz’s case is suspect at best.
Here’s how URBN shares are reacting to the damage control:
Urban Outfitters Inc. (NASDAQ:URBN): URBN shares recently traded at $24.56, up $0.63, or 2.63%. They have traded in a 52-week range of $21.47 to $39.26. Volume today was 6,965,937 shares versus a 3-month average volume of 3,725,430 shares. The company’s trailing P/E is 18.11, while trailing earnings are $1.36 per share.
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