Richard Hayne

For many years, we have repeated that the direct-to-consumer channel is growing and capturing a larger share of our customers' wallet.

We have built brands that resonate deeply with our customers. Our strategy to grow these brands is clear, and we have strong teams in place to execute this strategy. That is our formula for success.

Like Free People, the Urban brand is planning to grow by expanding product assortments, expanding the brand reach and by improved marketing.

Going forward, we are mindful of the challenges we face in the competitive retail landscape, but we have demonstrated that our concept of building compelling brands that focus on the customers' lifestyles can produce superior results. We will not waver from that concept.

When our customer leaves Urban Outfitters, the Main Line is the type of place where more of them go than don't.

At a mall you can almost get frostbite, it's so boring. Looking different is worth a lot.

The Anthropologie brand continues to succeed in emotionally engaging its customers while delivering strong financial results.

I don't like all suburbs, just like I don't like all parts of cities.

We have a relationship with our customer, and that relationship translates into sales.

Each brand leader is focused on ensuring that the brand relationship with its customer is strong and differentiated. To accomplish this differentiation, we plan to offer her even more unique product and talk with her in new and exciting ways.

The store experience must become a performance, with the energy and precision of a Broadway play.

I invite you all to visit our new Harold Square or Space 98 stores in New York. I think you'll agree with me that these stores have a distinct Urban Outfitters personality, with fresh, exciting product and an experience that resonates with the 18 to 28 year old urban-dwelling customer.