Office Depot, Inc. today announced that the Board of Directors has authorized a stock repurchase program of up to $100 million of its outstanding common stock. The stock repurchase authorization, which is effective immediately, permits the company to repurchase stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other derivative transactions. The program, which extends for a period of 12 months, may be suspended or discontinued at any time. The exact number and timing of share repurchases will depend on market conditions and other factors, and will be funded through existing liquidity.
Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products and services company which operates a portfolio of global consumer brands comprised of Anthropologie, BHLDN, Free People, Terrain and Urban Outfitters brands and the Food and Beverage division, today announced net sales for the two and eleven months ended December 31, 2018.
Total Company net sales for the two months ended December 31, 2018, increased 5.0% over the same period last year. Comparable Retail segment net sales increased 5%, driven by strong, double-digit growth in the digital channel, partially offset by negative retail store sales. By brand, comparable Retail segment net sales increased 6% at Free People, 5% at Urban Outfitters and 4% at the Anthropologie Group. Wholesale segment net sales increased 3%.
For the eleven months ended December 31, 2018, total Company net sales increased 10.0% over the same period last year. Comparable Retail segment net sales increased 9%, driven by strong, double-digit growth in the digital channel and positive retail store sales. Wholesale segment net sales increased 10%.
During the eleven months ended December 31, 2018, the Company opened a total of 17 new retail locations including: 5 Urban Outfitters stores, 5 Free People stores, 4 Anthropologie Group stores and 3 Food and Beverage restaurants; and closed 4 retail locations including: 2 Anthropologie Group stores, 1 Urban Outfitters store and 1 Free People store. During the eleven months ended December 31, 2018, 4 franchisee-owned Urban Outfitters stores were opened.