|
Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
URBAN OUTFITTERS, INC. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
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|
|
|
|
Financials (as on) : |
31.01.2013 |
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Date of Incorporation : |
06.08.1976 |
|
|
|
|
Legal Form : |
Public Company |
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|
|
|
Line of Business : |
Subject is engages in the retail and wholesale of general
consumer products. |
|
|
|
|
No. of Employees : |
8,034 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The
Source
: CIA
Company name: URBAN OUTFITTERS, INC.
Address: 5000 South Broad Street, Philadelphia, PA 19112 - USA
Telephone: +1 215-454-5500
Fax: +1 215-454-5163
Website: www.urbanoutfittersinc.com
Corporate ID#: 636814
State:
Judicial form: Public Company (NASDAQ = URBN)
Date founded: August 6, 1976
Stock: 146,934,867 shares outstanding on June 3, 2013.
Value: USD
0.0001 par value
Name of
manager: Richard A. HAYNE
Business:
Urban Outfitters, Inc. engages in the retail and wholesale
of general consumer products in the
It operates in two segments, Retail and Wholesale. The company operates retail stores under the Urban Outfitters, Anthropologie, Free People, Terrain, and BHLDN brands.
Its Urban Outfitters stores sell women’s and men’s fashion apparel, footwear, accessories, and gifts, as well as apartment wares, such as rugs and pillows to young adults aged 18 to 28; and Anthropologie stores provide
women’s casual apparel and accessories, shoes, gifts, decorative items, and home furnishings to women aged 28 to 45.
The company’s Free People stores primarily offer Free People branded merchandise mix of casual women’s apparel, intimates, shoes, accessories, and gifts to young contemporary women aged 25 to 30; Terrain stores provide lifestyle home and garden products, antiques, live plants, flowers, wellness products, and accessories, as well as landscape and design service solutions; and BHLDN store offers a range of wedding collections consisting of wedding gowns, bridesmaid frocks, party dresses, assorted jewelry, headpieces, footwear, lingerie, and decorations.
As of January 31, 2013, it operated 215 Urban Outfitters stores,
180 Anthropologie stores, 77 Free People stores, 2 Terrain
garden centers, and 1 BHLDN store in North America and
The company also operates a wholesale business under the
Free People brand name that distributes young women’s casual wear to other
retailers and department stores in the
Staff: 8,034 (as of April 1, 2013)
Operations
& branches:
At the
headquarters, we find the corporate headquarters, owned.
As of January 31, 2013, it operated 215 Urban Outfitters stores,
180 Anthropologie stores, 77 Free People stores, 2 Terrain
garden centers, and 1 BHLDN store in North America and
Shareholders:
As of
06-30-2013, 75% of the stock is held by institutional and mutual fund owners,
including:
|
FMR, LLC |
6.27% |
|
Vanguard Group, Inc. (The) |
4.77% |
|
State Street Corporation |
3.22% |
|
Fidelity Contrafund Inc |
3.16% |
|
Bank of New York Mellon Corporation |
2.90% |
Management:
Richard D. HAYNE is the Chairman, President and Director.
Richard A. Hayne co-founded Urban Outfitters Inc. in 1970 and has been its President since incorporation in 1976. Mr. Hayne served as Principal Executive Officer of Urban Outfitters Inc. until May 22, 2007.
Mr. Hayne has been the Chairman of the Board of Directors since incorporation in 1976.
Mr. Tedford G. MARLOW, Ted has been the Chief Executive Officer of Urban Outfitters Group at Urban Outfitters Inc. since February 6, 2012.
Mr. Marlow served as the President of Indigo Books & Music Inc. since April 1, 2011. He served as Executive Director of Business Development at Urban
Outfitters Inc. and served as its President of Urban Brand
Worldwide from July 2001 to April 12, 2010. From September 2000 to July 2001,
Mr. Marlow served as Executive Vice President of Merchandising, Product
Development, Production and Marketing at
He served as Senior Vice President at
Mr. David MCCREIGHT has been the Chief Executive Officer of Anthropologie, Inc. at Urban Outfitters Inc. since November 15, 2011.
Mr. McCreight served as the President of Under Armour from 2008 to 2010. He served as President of Lands' End, Inc. of Sears Holdings Corporation from October 19, 2005 to July 2008 and served as its Executive Vice President of Merchandising. Mr. McCreight served as an Interim President of Lands' End, Inc., from August 2005 to December 2005 and served as its Senior Vice President of Core Merchandising since December 1, 2003 until 2005.
He joined Lands' End in 2003 as Chief Merchant. He joined Sears in 2003 after working for Disney Stores Worldwide as Senior Vice President and General Merchandising Manager of Disney Stores from 2001 to 2003.
He served as President of Smith and Hawken and began his career with roles within the merchant organizations at Saks, The May Company and The Limited.
Mr. Francis J. CONFORTI, Frank has been Chief Financial Officer of Urban Outfitters Inc. since April 3, 2012.
Mr. Conforti has been the Chief Accounting Officer of Urban Outfitters Inc. since March 5, 2010 and Controller since February 2009.
Mr. Conforti has been with Urban Outfitters for three years. He served as Director of Finance and SEC Reporting at Urban Outfitters since March 2007. Mr. Conforti served as Principal Accounting Officer and Director, Accounting of Allied Security Holdings LLC, the holding company of AlliedBarton Security Services LLC. Mr. Conforti served as the Director of Accounting and Principal Accounting Officer of AlliedBarton Security Services LLC. He worked for AlliedBarton Security Systems LLC for five years, serving as Controller for three years.
He is a Certified Public Accountant.
Subsidiaries
& Partnership:
|
Subsidiary |
|
Jurisdiction of Organization |
|
Anthropologie,
Inc. |
|
|
|
Urban Outfitters
Wholesale, Inc. |
|
|
|
Urban Outfitters
UK Limited |
|
|
|
Urban Outfitters |
|
|
|
UO Fenwick, Inc. |
|
|
|
Urban Outfitters
Ireland Limited |
|
|
|
Free People of PA
LLC |
|
|
|
UOGC, Inc. |
|
|
|
U.O. Real Estate
LLC |
|
|
|
U.O. Real Estate
Holding I LLC |
|
|
|
U.O. Real Estate
Holding II LLC |
|
|
|
Leifsdottir.com
LLC |
|
|
|
Leifsdottir LLC |
|
|
|
Urban Outfitters i
|
|
|
|
|
|
|
|
|
|
|
|
Urban Outfitters |
|
|
|
Urban Outfitters |
|
|
|
HK Sourcing
Limited |
|
|
|
Terrain
Merchandising LLC |
|
|
|
Terrain LLC |
|
|
|
Terrain Farm LLC |
|
|
|
Terrain |
|
|
|
J. Franklin Styer
Nurseries, Inc. |
|
|
|
URBN UK Limited |
|
|
|
URBN NL Holding CV |
|
|
|
UO Bermuda Limited |
|
|
|
Anthropologie UK
Limited |
|
|
|
BHLDN LLC |
|
|
|
BHLDN.com LLC |
|
|
|
URBN Holding, Inc. |
|
|
|
UO |
|
|
|
URBN Canada
Retail, Inc. |
|
|
|
BHLDN
Merchandising LLC |
|
|
|
URBN Bermuda
Holding Ltd |
|
|
|
URBN |
|
|
|
URBN HK Trading
Limited |
|
|
|
URBN |
|
|
|
|
|
|
On
attachment:
- 10K 2012
- 2nd
10Q 2013
Sales for 6
months 02/2013 to 07/2013: USD 1,406,700,000=
Net
profit: USD 123,500,000
|
Currency in |
As of: |
Jan 31 |
Jan 31 |
Jan 31 |
Jan 31 |
|
TOTAL REVENUES |
1,937.8 |
2,274.1 |
2,473.8 |
2,794.9 |
|
|
NET INCOME |
219.9 |
273.0 |
185.3 |
237.3 |
|
Banks: JP Morgan Chase Bank
Bank of
The Bank of
…
Legal filings & complaints:
There are several cases pending with various Courts.
Secured debts summary (UCC): Several
Trade references:
Date
reported: August 2013
High
credit: USD 80,000+
Now owing: 0
Past due: 0
Last
purchase: July 2013
Line of
business: Office supply
Paying
status: 10 days beyond terms
Date
reported: August 2013
High
credit: USD 10,000,000+
Now owing: 0
Past due: 0
Last
purchase: July 2013
Line of
business: Payroll
Paying
status: As agreed
Date
reported: August 2013
High
credit: USD 18,000
Now owing: 0
Past due: 0
Last
purchase: July 2013
Line of
business: Telecommunications
Paying
status: 10 days beyond terms
Domestic
credit history:
Domestic
credit history appears as follow:
|
Monthly Payment Trends - Recent Activity |
|
|
|
|
|
National
Credit Bureaus gave a medium credit rating.
According to our credit analysts, during the last 6 months, domestic payments were made with an average of 20+ days beyond terms.
International credit history:
Payments of imports are currently made with an average of 5 to 10 days beyond terms.
Other
comments:
The Company
maintains a strong business.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
In spite of
late payments noted, the risk is low.
Our
opinion:
A business
connection may be conducted.
Standard & Poor’s
|
|
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
·
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
·
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
·
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
The
transfer and convertibility (T&C) assessment of the
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and Assumptions
," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of
The
political brinksmanship of recent months highlights what we see as
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the government's
ability to manage public finances and diverts attention from the debate over
how to achieve more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid). A new political consensus
might (or might not) emerge after the 2012 elections, but we believe that by
then, the government debt burden will likely be higher, the needed medium-term
fiscal adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the next
10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the
Standard & Poor's
transfer T&C assessment of the
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario illustrates,
a higher public debt trajectory than we currently assume could lead us to lower
the long-term rating again. On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint Select Committee
on Deficit Reduction--independently or coupled with other initiatives, such as
the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal
consolidation measures beyond the minimum mandated, and we believe they are
likely to slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report
Prepared by : |
|
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.