Urban Outfitters out of fashion as profits slump

URBAN OUTFITTERS, the ultra-trendy US retailer, saw pre-tax profits in Ireland plunge from almost €2.1 million to €553,026 in the year to the end of January 2010.

The company did not give an explanation for the drop in profits, but said risks and uncertainties include changes in economic conditions, consumer spending and demographics, changes in fashion, competition within the retail industry and reliance on foreign production sources.

Turnover in the year was down from €8.6m to €6.2m. Gross profit was down from €5m to €3.5m.