From Home Furnishing Business
Urban Outfitters Sets Sights on Home Furnishings
Retailer Urban Outfitters has big plans to grow its home furnishings lineup, and plans to double overall sales by 2020.
Urban Outfitters was gaining 2.3 percent to $38.15 Wednesday following comments at its annual investor day.
During a presentation, the company said it plans to double its total sales by 2020.
Urban Outfitters management said that the home category currently accounts for 17% of sales, and it hopes to increase that percentage to 22% by 2020. To reach that goal, the company will refocus its Anthropologie on home furnishings, cutting the brand's apparel to 50 percent from 70 percent of its offerings.
"The plan for the home category is to make it a destination to outfit entire rooms (versus the prior focus on accent pieces and gifting), and the new registry service (soft-launched last week with a strong response from customers) aligns nicely with both the broadened home assortment and the BHLDN bridal sub-brand," according to Sterne Agee analyst Ike Boruchow.
Read Entire Story Source: The Street