Urban Outfitters’ Stock Claws Back from its Slide Following CEO’s Exit
Source: Google Finance
Teen apparel retailer Urban Outfitters’ (NASDAQ:URBN) stock has been inching slowly and steadily back after its surprising CEO exit, which resulted in Urban’s stock crashing by nearly 20%. Urban has gained roughly 13% since its crash landing on January 11th and with the stock looking good in terms of relative performance with its peers such as Aeropostale (NYSE:ARO), Abercrombie & Fitch (NYSE:ANF), American Eagle Outfitters (NYSE:AEO) and Gap Inc. (NYSE:GPS), we expect a further upside to Urban’s current market price.
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So what is driving Urban’s recovery
Though Urban’s stock plummeted after the resignation of its CEO Glen T. Senk and the market’s apprehensions regarding co-founder Richard Hayne’s appointment as Senk’s replacement, the company has been gaining steadily after January 11th. Some analysts are now taking the view that Haynes’ appointment might be even better for the company because of his experience and influence.
The company’s solid performance during the 2011 holidays and a strong lineup of merchandise for the spring season is also contributing to Urban’s recovery story. Additionally, the improvement in consumer sentiment has also resulted in growth of 2.1% in consumer spending, which has benefited apparel retailers across the board.
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