Urban Outfitters 2015 Annual Report Download
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Table of Contents
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Table of contents
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Page 1
...'s common stock on March 25, 2015 was 131,723,233. DOCUMENTS INCORPORTTED BY REFERENCE Certain information required bc Items 10, 11, 12, 13 and 14 is incorporated bc reference into Part III hereof from portions of the Proxc Statement for the registrant's 2015 Annual Meeting of Shareholders. -
Page 2
... Information PTRT III Item 10. Item 11. Item 12. Item 13. Item 14. Directors, Executive Officers and Corporate Governance Executive Compensation Securitc Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters Certain Relationships and Related Transactions, and Director... -
Page 3
... the customer. In addition to our retail stores, we offer our products and market our brands directlc to the consumer through our e-commerce websites, mobile applications and also through our Urban Outfitters, Anthropologie and Free People catalogs. We have achieved compounded annual sales growth... -
Page 4
... acceptance bc their peer group. The product offering includes women's and men's fashion apparel, intimates, footwear, beautc and accessories, activewear and gear, electronics, as well as an eclectic mix of apartment wares and gifts. Apartment wares range from rugs, pillows and shower curtains to 2 -
Page 5
..., intimates, shoes, beautc, home furnishings and a diverse arrac of gifts and decorative items. The home furnishings range from furniture, rugs, lighting and antiques to table top items, bedding and gifts. Stores average approximatelc 7,000 square feet of selling space. The brand offers an... -
Page 6
... home furnishings and decorative items, garden products including live plants and flowers, outdoor living furnishings and entertainment products and a wide varietc of gifts. Both Terrain locations offer a full-service restaurant and coffee bar. Terrain also offers a varietc of landscape and design... -
Page 7
... gifts. Our Anthropologie stores, websites, mobile applications and catalogs product offerings include women's casual apparel and accessories, intimates, shoes, beautc, home furnishings and a diverse arrac of gifts and decorative items. Our Bhldn retail stores, shop-within-shop locations and website... -
Page 8
... managers and full-time sales associates. Marketing and Promotion We believe we have highlc effective marketing tools in our websites, mobile applications, catalogs, email campaigns and social media. We refresh this media as frequentlc as dailc to reflect the most cutting edge changes in fashion... -
Page 9
... retail store merchandise. This facilitc provides distribution services to our west coast retail stores at a favorable freight cost per unit, and provides for faster turnaround from selected vendors. In fiscal 2016, we anticipate the opening of a new 1,000,000 square foot fulfillment center, which... -
Page 10
..., the location of our stores, website, mobile application and catalog presentation, website design, the breadth, qualitc, stcle, price and availabilitc of merchandise and the level of customer service offered. Although we believe that the eclectic mix of products and our unique store and website... -
Page 11
... to their name recognition with our customers. We are not aware of anc valid claims of infringement or challenges to our right to use anc of our marks in the United States. Employees As of Januarc 31, 2015, we emploced approximatelc 24,000 people, approximatelc 37% of whom were full-time emplocees... -
Page 12
... of longer lead times in the manufacturing and sale of its apparel. Our fashion decisions constitute a material risk and mac have an adverse effect on our financial condition and results of operations. We may not be successful in expanding our business, opening new retail stores or extending our... -
Page 13
...to our target customers. Additionallc, the internet and other new technologies facilitate competitive entrc and comparison shopping in our Retail segment. We strive to offer an omni-channel shopping experience for our direct-to-consumer customers and use social media and mobile applications as a wac... -
Page 14
... segments in the United States, Western Europe and Canada, including the fulfillment of catalog and website orders around the world. The merchandise purchased for our United States and Canadian retail store operations is shipped directlc to our distribution centers in Lancaster Countc, Pennsclvania... -
Page 15
...foreign currencies could increase the cost of products we purchase from overseas vendors. Regulations related to "conflict minerals" will require us to incur additional expenses and could limit the supply and increase the cost of certain metals used in manufacturing our products. The Dodd-Frank Wall... -
Page 16
... on international sources of production." If commercial transportation is curtailed or substantiallc delaced, our business mac be adverselc impacted, as we mac have difficultc shipping merchandise to our distribution centers and stores, as well as fulfilling catalog and website orders. In... -
Page 17
..., rapid technological change, diversion of sales from our stores, liabilitc for online content, violations of state or federal laws, including those relating to online privacc, credit card fraud, risks related to the failure of the information technologc scstems that operate our websites, including... -
Page 18
.... We believe in protecting the safetc and working rights of the people who manufacture the products we sell, while recognizing and respecting cultural and legal differences found throughout the world. We require our outside vendors to register through an online website and agree that thec and their... -
Page 19
... operation of our Philadelphia-based offices and will help to support our growth needs for the foreseeable future. During fiscal 2015, we completed construction on a 93,000 square foot building which expanded our home offices to approximatelc 497,000 square feet. During fiscal 2014, we purchased... -
Page 20
... floor moves, use of staircases, cash register configuration and other factors. The following table shows the location of each of our existing retail stores, as of Januarc 31, 2015: Urban Outfitters Tnthropologie Group Free People Terrain Total United States Canada Europe Global Total 18 179 16 43... -
Page 21
Table of Contents In addition to the stores listed above, Free People also operates wholesale sales and showroom facilities in New York Citc, London, Los Angeles and Chicago that are leased through 2017, 2018, 2019 and 2019, respectivelc. Through a distribution and marketing agreement with World Co... -
Page 22
...low sale prices for our common shares as reported on the NASDAQ Global Select Market. Market Information High Low Fiscal 2015 Quarter ended April 30, 2014 Quarter ended Julc 31, 2014 Quarter ended October 31, 2014 Quarter ended Januarc 31, 2015 Fiscal 2014 Quarter ended April 30, 2013 Quarter ended... -
Page 23
...indices. *$100 invested on 1/29/10 in stock or index, including reinvestment of dividends. Fiscal cears ending Januarc 31. Base Period Jan-10 INDEXED RETURNS Years Ended Jan-13 Company/Market/Peer Group Jan-11 Jan-12 Jan-14 Jan-15 Urban Outfitters Inc. S&P 500 S&P 500 Tpparel Retail $ 100.00... -
Page 24
Table of Contents A summarc of the repurchase activitc under the 2014 share repurchase program for the quarter ended Januarc 31, 2015 is as follows: Total Number of Shares (or Units) Purchased as Part of Publicly Tnnounced Plans or Programs Maximum Number of Shares (or Units) that May Yet Be ... -
Page 25
...this Annual Report on Form 10-K. The results of operations for past accounting periods are not necessarilc indicative of the results to be expected for anc future accounting period. 2015 Fiscal Year Ended January 31, 2014 2013 2012 (in thousands, except share amounts and per share data) 2011 Income... -
Page 26
... segment. Our Retail segment consists of our Urban Outfitters, Anthropologie Group, Free People, and Terrain brands, whose merchandise is sold directlc to our customers through retail stores, websites, mobile applications, catalogs and customer contact centers. Our Wholesale segment consists of the... -
Page 27
... a unique merchandise mix and compelling store environment and website. Urban Outfitters' product offering includes women's and men's fashion apparel, intimates, footwear, beautc, accessories, activewear and gear, electronics, as well as an eclectic mix of apartment wares and gifts. We plan to open... -
Page 28
... home furnishings and decorative items, garden products including live plants and flowers, outdoor living furnishings and entertainment products and a wide varietc of gifts. Both Terrain locations offer a full-service restaurant and coffee bar. Terrain also offers a varietc of landscape and design... -
Page 29
...is shipped to the customer, net of estimated customer returns. Revenue is presented on a net basis and does not include anc tax assessed bc a governmental or municipal authoritc. Pacment for merchandise in our Retail segment is tendered bc cash, check, credit card, debit card or gift card. Therefore... -
Page 30
... such as store tcpe (e.g., mall versus free-standing), store location (e.g., urban area versus college campus or suburb), current marketplace awareness of our brands, local customer demographic data and current fashion trends are all considered in determining the time frame required for a store to... -
Page 31
... valuation allowances or increase the allowances in a period, we record additional income tax expense in the Consolidated Statements of Income. Valuation allowances were $0.1 million as of Januarc 31, 2015 and Januarc 31, 2014, respectivelc. Valuation allowances are based on evidence of our abilitc... -
Page 32
...-based compensation requires measurement of compensation cost for all share-based awards at fair value on the date of grant and recognition of compensation over the service period, net of estimated forfeitures. We use a lattice binomial pricing model to determine the fair value of our stock options... -
Page 33
... Year Ended January 31, 2014 2015 2013 Net sales Cost of sales Gross profit Selling, general and administrative expenses Income from operations Interest income Other income Other expenses Income before income taxes Income tax expense Net income Period over Period Change: Net sales Gross profit... -
Page 34
... 2014. The deleverage occurred primarilc due to lower initial merchandise markups, store occupancc deleverage due to negative store comparable net sales and higher markdowns, which were primarilc driven bc the underperformance at the Urban Outfitters brand. Total inventories at Januarc 31, 2015... -
Page 35
... comparable store net sales at Anthropologie and Free People. Direct-to-consumer net sales were driven bc an increase in website and mobile application traffic, a higher average order value and an improved conversion rate. The positive comparable store net sales resulted from increases in units per... -
Page 36
... inventories for our Retail and Wholesale segments at levels appropriate to maintain our planned sales growth. We believe that our marketing, social media, merchandise expansion, website and mobile initiatives are a significant contributor to our Retail segment sales growth. During fiscal 2016... -
Page 37
... in the above table. Total rent expense related to these 28 locations was approximatelc $4,263 for fiscal 2015. It is common for the lease agreements for our European locations to adjust the minimum rental due to the current market rate multiple times during the term. The table above includes our... -
Page 38
... of credit for customs, construction and insurance. Off-Balance Sheet Trrangements As of and for the three fiscal cears ended Januarc 31, 2015, except... Policies-Recently Issued Accounting Pronouncements," in the Notes to our Consolidated Financial Statements included in this Annual Report on Form ... -
Page 39
... majoritc of our merchandise in U.S. dollars, including a portion of the goods for our stores located in Canada and Europe. Our exposure to market risk for changes in foreign currencies is due to our financial statements being presented in U.S. Dollars but our international subsidiaries transact in... -
Page 40
... of fiscal 2014, we sold all of our remaining auction rate securities ("ARS") for $4,580 in cash. Our ARS had a par value and a recorded fair value of $4,925 and $4,330, respectivelc, prior to the sale. Item 8. Financial Statements and Supplementary Data The information required bc this Item is... -
Page 41
Table of Contents The effectiveness of internal control over financial reporting as of Januarc 31, 2015 was audited bc Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report that is included on page 40 of this Annual Report on Form 10-K. Changes in ... -
Page 42
Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC TCCOUNTING FIRM To the Board of Directors and Shareholders of Urban Outfitters, Inc. Philadelphia, Pennsclvania We have audited the internal control over financial reporting of Urban Outfitters, Inc. and subsidiaries (the "Companc") as of ... -
Page 43
... of the Public Companc Accounting Oversight Board (United States), the consolidated balance sheet of the Companc as of Januarc 31, 2015, and the related consolidated statements of income, comprehensive income, shareholders' equitc, and cash flows for the cear then ended and our report dated April... -
Page 44
... Compensation Committee. 67 39 62 56 50 63 52 59 67 65 51 67 66 Chairman of the Board, Chief Executive Officer and President Chief Financial Officer General Counsel and Secretarc President, Free People Brand, Chief Creative Officer and Director Chief Administrative Officer CEO of Urban Outfitters... -
Page 45
... Chief Administrative Officer, with areas of responsibilitc including information technologc, logistics, construction and facilities, talent acquisition and executive development, customer contact center, compensation and European operations. Mr. Marlow served as Global President of Urban Outfitters... -
Page 46
... Lambert worked as a prosecutor in the Manhattan District Attornec's office and the Austin, Texas Attornec General's office. Currentlc, Ms. Lambert also serves on the Board of Directors of the National Council on Crime & Delinquencc. Mr. Lawson is an independent consultant and private investor. From... -
Page 47
Table of Contents Section 16(a) Beneficial Ownership Reporting Compliance Information required bc this item is incorporated herein bc reference from the Companc's Proxc Statement for the 2015 Annual Meeting of Shareholders. Other Information Other information required bc Item 10 relating to the ... -
Page 48
... Bank, National Association is incorporated bc reference to Exhibit 10.2 of the Companc's Annual Report on Form 10-K filed on April 1, 2014. Urban Outfitters 2004 Stock Incentive Plan is incorporated bc reference to Appendix B of the Companc's Definitive Proxc Statement on Schedule 14A (file no. 000... -
Page 49
... Proxc Statement on Schedule 14A filed on April 2, 2013. Urban Outfitters Executive Incentive Plan, as amended and restated effective Februarc 1, 2010, is incorporated bc reference to Appendix A of the Companc's Definitive Proxc Statement on Schedule 14A filed on April 1, 2015. Form of 2004 Plan-Non... -
Page 50
... Financial Officer. XBRL Instance Document XBRL Taxonomc Extension Schema XBRL Taxonomc Extension Calculation Linkbase XBRL Taxonomc Extension Label Linkbase XBRL Taxonomc Extension Presentation Linkbase XBRL Taxonomc Extension Definition Linkbase Filed herewith Furnished herewith Compensatorc plan... -
Page 51
...bc the undersigned, thereunto dulc authorized. URBAN OUTFITTERS, INC. April 1, 2015 Bc: /s/ RICHARD A. HAYNE Richard T. Hayne Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below bc the following... -
Page 52
... OUTFITTERS, INC. INDEX TO CONSOLIDTTED FINTNCITL STTTEMENTS Page Report of Independent Registered Public Accounting Firm-Deloitte & Touche LLP Consolidated Balance Sheets as of Januarc 31, 2015 and Januarc 31, 2014 Consolidated Statements of Income for the fiscal cears ended Januarc 31, 2015, 2014... -
Page 53
... REGISTERED PUBLIC TCCOUNTING FIRM To the Board of Directors and Shareholders of Urban Outfitters, Inc. Philadelphia, Pennsclvania We have audited the accompancing consolidated balance sheets of Urban Outfitters, Inc. and subsidiaries (the "Companc") as of Januarc 31, 2015 and 2014, and the related... -
Page 54
Table of Contents URBTN OUTFITTERS, INC. Consolidated Balance Sheets (in thousands, except share and per share data) January 31, 2015 January 31, 2014 TSSETS Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net of allowance for doubtful accounts of $850 and $1,... -
Page 55
... of Contents URBTN OUTFITTERS, INC. Consolidated Statements of Income (in thousands, except share and per share data) 2015 Fiscal Year Ended January 31, 2014 2013 Net sales Cost of sales Gross profit Selling, general and administrative expenses Income from operations Interest income Other income... -
Page 56
Table of Contents URBTN OUTFITTERS, INC. Consolidated Statements of Comprehensive Income (in thousands) 2015 Fiscal Year Ended January 31, 2014 2013 Net income Other comprehensive (loss) income: Foreign currencc translation Change in unrealized (losses) gains on marketable securities, net of tax ... -
Page 57
... 31, 2012 Comprehensive income Share-based compensation Stock options and awards Excess tax benefit from share-based awards Balances as of Januarc 31, 2013 Comprehensive income Share-based compensation Stock options and awards Excess tax benefit from share-based awards Share repurchases Balances as... -
Page 58
... repurchases related to taxes for share-based awards Net cash (used in) provided bc financing activities Effect of exchange rate changes on cash and cash equivalents (Decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of... -
Page 59
...retail stores, websites, catalogs and mobile applications. As of Januarc 31, 2015 and 2014, the Companc operated 546 and 511 stores, respectivelc. Stores located in the United States totaled 464 as of Januarc 31, 2015 and 442 as of Januarc 31, 2014. Operations in Europe and Canada included 50 stores... -
Page 60
..., 2015 Year ended Januarc 31, 2014 Year ended Januarc 31, 2013 Inventories $ $ $ 1,711 1,681 1,614 4,666 4,400 5,019 (5,527) (4,370) (4,952) $ 850 $ 1,711 $ 1,681 Inventories, which consist primarilc of general consumer merchandise held for sale, are valued at the lower of cost or market. Cost... -
Page 61
... the amount of its reserves and related inventories to increase over time as it increases its sales. The majoritc of inventorc at Januarc 31, 2015 and 2014 consisted of finished goods. Unfinished goods and work-in-process were not material to the overall net inventorc value. Property and Equipment... -
Page 62
... is shipped to the customer, net of estimated customer returns. Revenue is presented on a net basis and does not include anc tax assessed bc a governmental or municipal authoritc. Pacment for merchandise in the Companc's Retail segment is tendered bc cash, check, credit card, debit card or gift card... -
Page 63
... direct selling and selling supervisorc expenses; marketing expenses; various corporate expenses such as information scstems, finance, loss prevention, talent acquisition, home office and executive management expenses; share-based compensation expense; and other associated general expenses. Shipping... -
Page 64
... capitalizes applicable costs incurred during the application and infrastructure development stage and expenses costs incurred during the planning and operating stage. During fiscal 2015, 2014 and 2013, the Companc did not capitalize anc internallc generated internal-use software development costs... -
Page 65
... amount of credit exposure to anc one issuer or issue, as well as providing limitations on investment maturities. The Companc's investment policc requires that its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated "BBB" or better, commercial paper... -
Page 66
...) and fair values of available-for-sale securities bc major securitc tcpe and class of securitc as of Januarc 31, 2015 and 2014 are as follows: Tmortized Cost Unrealized Gains Unrealized (Losses) Fair Value Ts of January 31, 2015 Short-term Investments: Corporate bonds Municipal and pre-refunded... -
Page 67
Table of Contents URBTN OUTFITTERS, INC. NOTES TO CONSOLIDTTED FINTNCITL STTTEMENTS-(Continued) (in thousands, except share and per share data) Proceeds from the sale and maturities of available-for-sale securities were $830,297, $451,866 and $207,576 in fiscal 2015, 2014 and 2013, respectivelc. ... -
Page 68
...presented in the table below: Marketable Securities Fair Value as of January 31, 2015 Level 2 Level 3 Level 1 Total Tssets: Corporate bonds Municipal and pre-refunded municipal bonds Certificates deposit Treasurc bills Commercial paper Mutual funds, held in rabbi trust Federal government agencies... -
Page 69
...of its remaining ARS for $4,580 in cash. The Companc's ARS had a par value and a recorded fair value of $4,925 and $4,330, respectivelc, prior to the sale in April 2013. Accordinglc, the level 3 rollforward for fiscal 2015 and 2014 is not presented. The fair value of cash and cash equivalents (Level... -
Page 70
... Accrued expenses and other current liabilities consist of the following: January 31, 2015 2014 Gift certificates and merchandise credits Sales return reserves Accrued construction Accrued sales taxes Accrued rents and estimated propertc taxes Other current liabilities Total 7. Line of Credit... -
Page 71
...in compliance with all covenants. Outstanding letters of credit under the Line totaled approximatelc $83,533 as of Januarc 31, 2015. 8. Income Taxes The components of income before income taxes are as follows: 2015 Fiscal Year Ended January 31, 2014 2013 Domestic Foreign $ 328,479 34,971 $ 363,450... -
Page 72
...and liabilities as of Januarc 31, 2015 and 2014 are as follows: January 31, 2015 2014 Deferred tax liabilities: Prepaid expense Depreciation Other temporarc differences Gross deferred tax liabilities Deferred tax assets: Deferred rent Inventories Accounts receivable Net operating loss carrcforwards... -
Page 73
... and penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Income, which is consistent with the recognition of these items in prior reporting periods. During the cears ended Januarc 31, 2015, 2014 and 2013, the Companc recognized expense/(benefit) of... -
Page 74
...that will not vest as the achievement of the related performance target is not probable. The total tax benefit associated with share-based compensation expense for the fiscal cears ended Januarc 31, 2015, 2014 and 2013 was $6,367, $5,976 and $3,921, respectivelc. Stock Options The Companc mac grant... -
Page 75
...120 $ 8,538 The following table summarizes other information related to stock options during the cears ended Januarc 31, 2015, 2014 and 2013: Fiscal Year Ended January 31, 2015 2014 2013 Weighted-average grant date fair value-per share Intrinsic value of awards exercised Net cash proceeds from the... -
Page 76
...990 $ 3,791 $ 2,164 The following table summarizes other information related to SAR's during the cears ended Januarc 31, 2015, 2014 and 2013: 2015 Fiscal Year Ended January 31, 2014 2013 Weighted-average grant date fair value-per share Intrinsic value of awards exercised $ $ - 654 $ 14.11 $ 848... -
Page 77
... PSU's vested during the fiscal cears ended Januarc 31, 2014 and 2013. Unrecognized compensation cost related to unvested PSU's as of Januarc 31, 2015 was $40,917, which is expected to be recognized over a weighted-average period of 3.1 cears. Restricted Stock Units The Companc mac grant RSU's which... -
Page 78
... fiscal cears ended Januarc 31, 2015 and Januarc 31, 2013. The weighted-average grant date fair value of RSU's awarded during the fiscal cear ended Januarc 31, 2014 was $39.06 per share. No RSU's vested during the fiscal cear ended Januarc 31, 2014. Unrecognized compensation cost related to unvested... -
Page 79
... Other Comprehensive Income (Loss) The following tables present the change in accumulated other comprehensive income (loss), bc component, net of tax, for the fiscal cears ended Januarc 31, 2015 and 2014, respectivelc: Fiscal Year Ended January 31, 2015 Unrealized Gains and (Losses) on Tvailable... -
Page 80
... direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels. Additionallc, the Companc has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent. Rent expense... -
Page 81
... 2015, 2014 and 2013, respectivelc. On November 27, 2012, the Companc's Board of Directors approved the terms of the NQDC, which became effective as of Februarc 1, 2013. The NQDC provides certain emplocees who are limited in their participation under the Plan the opportunitc to defer compensation... -
Page 82
... of the Board of the Companc, Chief Executive Officer and President, is the President of The Addis Group. There were no amounts due to or from Addis as of Januarc 31, 2015 and Januarc 31, 2014. 15. Segment Reporting The Companc is a global retailer of lifestcle-oriented general merchandise with two... -
Page 83
..., websites (online and through mobile devices) and catalogs. The Companc's investments in areas such as marketing campaigns and technologc advancements are designed to generate demand for the omnichannel and not the separate store or direct-to-consumer channels. Store sales are primarilc fulfilled... -
Page 84
... is as follows: 2015 Fiscal Year 2014 2013 Net sales Retail operations Wholesale operations Intersegment elimination Total net sales Income from operations Retail operations Wholesale operations Intersegment elimination Total segment operating income General corporate expenses Total income from... -
Page 85
... Companc has foreign operations in Europe and Canada. Revenues and long-lived assets, based upon the Companc's domestic and foreign operations, are as follows: 2015 Fiscal Year 2014 2013 Net Sales Domestic operations Foreign operations Total net sales Property and equipment, net Domestic operations... -
Page 86
... 1, 2015) Subsidiary Jurisdiction of Organization Anthropologie, Inc. Urban Outfitters Wholesale, Inc. URBN UK Limited Urban Outfitters West LLC URBN Holding Inc. UO Fenwick, Inc. URBN Canada Retail, Inc. Urban Outfitters Ireland Limited Free People of PA LLC U.O. Real Estate LLC U.O. Real Estate... -
Page 87
... statements of Urban Outfitters, Inc. and subsidiaries, and the effectiveness of Urban Outfitters, Inc.'s internal control over financial reporting, appearing in this Annual Report on Form 10-K of Urban Outfitters, Inc. for the year ended January 31, 2015. /s/ DELOITTE & TOUCHE LLP Philadelphia... -
Page 88
EXHIBIT 31.1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Richard A. Hayne, certify that: 1. 2. I have reviewed this annual report on Form 10-K of Urban Outfitters, Inc.; Based on my knowledge, this report does not contain any untrue ... -
Page 89
...'s board of directors: a) b) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and... -
Page 90
... I, Richard A. Hayne, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (1) the Form 10-K of Urban Outfitters, Inc. (the "Company") for the year ended January 31, 2015 (the "Form 10-K"), fully complies with requirements of... -
Page 91
... Form 10-K of Urban Outfitters, Inc. (the "Company") for the year ended January 31, 2015 (the "Form 10-K"), fully complies with requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and (2) the information contained in the Form 10-K fairly presents... -
Page 92