Richard A. Hayne, Chief Executive Officer of Urban Outfitters, Inc. announced the following changes to the Company’s management structure to better support URBN’s future growth and strategic initiatives. *Meg Hayne has been promoted to Co-President and will remain Chief Creative Officer. Meg will continue to manage the creative functions she currently oversees. In addition, our three large Brands and Sourcing will now report to Meg. *Frank Conforti has been promoted to Co-President and Chief Operating Officer. Frank will assume additional responsibility for URBN’s Fulfillment & Logistics, Development, Legal, Talent and Human Resources Departments. Frank will continue to operate as Chief Financial Officer while the Company begins a search for his successor. *Sheila Harrington has been promoted to Chief Executive Officer of the Free People Group. *Hillary Super has been promoted to Chief Executive Officer, Anthropologie Group. click read more below for additional detail
Second Quarter Highlights
Delivered sales of $3.8 billion, up 19.6%, compared to the second quarter of 2021; up 22.0% on a daily, constant currency basis
Expanded gross margin by 255 bps compared to the second quarter of 2021
Generated operating earnings of $534 million, up 60.0%, resulting in EPS of $7.19, an increase of 68.4% versus the second quarter of 2021
Returned $219 million to shareholders through dividends and share repurchases
Published 11th Environmental, Social and Governance report highlighting Grainger’s focus on driving sustainable supply chain operations and furthering diversity, equity and inclusion
Increases full year 2022 guidance, including updated total Company daily sales growth of 14.5% – 16.5%, driving EPS range of $27.25 – $28.75
“Our second quarter results reflect the team’s continued commitment to serving customers extraordinarily well in this strong demand environment,” said DG Macpherson, Chairman and CEO. “Our execution on our strategic initiatives is driving sustained growth and share gain across the business. After another quarter that exceeded expectations, we are increasing our 2022 outlook and remain well-positioned to deliver an exceptionally strong year.”
Sales on a reported and daily basis in the quarter increased 19.6% as compared to the second quarter of 2021. Excluding the unfavorable foreign exchange impact of 2.4%, sales on a daily, constant currency basis were up 22.0% compared to the second quarter of 2021.
Gross profit margin for the second quarter of 2022 was 37.6%, a 255 basis point increase compared to the second quarter of 2021. The increase was driven by favorability in both segments and includes the lap of a $63 million pandemic product inventory adjustment in the prior year period within the High-Touch Solution N.A. segment.
Operating earnings for the second quarter of 2022 of $534 million were up 60% versus the second quarter of 2021. Operating margin in the quarter of 13.9% increased 350 basis points over the second quarter of 2021 on stronger gross margins in both segments combined with 95 basis points of SG&A leverage gained on strong top-line growth.
details at: https://pressroom.grainger.com/news/press-release-details/2022/GRAINGER-REPORTS-RESULTS-FOR-THE-SECOND-QUARTER-2022/default.aspx