Clothing retailer Urban Outfitters Inc. (NASDAQ: URBN) announced after markets closed yesterday that CEO Glen Senk has resigned “to pursue another opportunity.” The announcement indicated that Senk quit a day earlier.
The company named its co-founder, current chairman, and president, Richard Haynie, as the new CEO. The company has been struggling to maintain margins in the face of increasing commodities prices. For the quarter ending in October 2011, the company reported same-store sales off by -7%, and revenues of $610 million missed estimates of $614 million. Gross margins fell by nearly -6%.
Urban Outfitters’ share price fell more than -16% in after-hours trading, to $24.63. The 52-week range is $21.47-$39.26.