President of Urban Outfitters Group steps down

Francis Pierrel, president, Urban Outfitters Group, has stepped down, the retail company has announced in a regulatory filing.

The Philadelphia-based firm said in the statement: “We appreciate the contributions he made during his tenure and wish him well in his future endeavours.”

Pierrel joined the retailer in February, taking on the task of overseeing the brand in North America while reporting directly to Sheila Harrington, global CEO of Urban Outfitters and Free People Group.

Prior, Pierrel served in a number of leadership and senior roles at the likes of Ralph Lauren, Lacoste, Diesel and Club Monaco, for which he was CEO.

The announcement comes weeks after the company reported a ‘record’ net sales increase for Q3, largely driven by its owned brands Anthropologie and Free People, as stated by chief executive officer Richard Hayne.

Anthropologie Group saw a 13 percent increase in comparable retail segment net sales, while Free People saw an eight percent increase.

The Urban Outfitters brand witnessed a decrease of nine percent, however the figure was partially offset by a six percent increase in wholesale segment net sales.

The group as a whole reported a net income of 37.2 million dollars, which over a nine month period equated to 128.2 million dollars, with an earnings per diluted share of 1.36 dollars.