REI Co-op to open 10 stores in 2024 to better serve outdoor communities

Today Media, a publisher of regional lifestyle magazines, business publications and websites in several East Coast markets, has acquired Bethesda magazine and the news site MoCo360 from Z-Pop Media, the company announced on Friday. Terms were not disclosed. Bethesda and MoCo360, which cover Montgomery County in suburban Maryland, are “a great fit” for Today Media, says Rob Martinelli, CEO of Today Media. Based in Wilmington, Delaware, Today Media publishes in four East Coast markets, including New York's Westchester County and the Hudson Valley, Delaware and suburban Philadelphia.

Urban Outfitters, Inc. announced net sales for the three months and year ended January 31, 2022. Total Company net sales for the three months ended January 31, 2022, were a record $1.33 billion. Net sales increased 13.9% compared to the three months ended January 31, 2020. Comparable Retail segment net sales increased 14%, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit negative retail store sales primarily due to reduced store traffic. By brand, comparable Retail segment net sales increased 49% at the Free People Group, 14% at the Anthropologie Group and 3% at Urban Outfitters. Total Retail segment net sales increased 15%. Wholesale segment net sales decreased 22% primarily from reducing the Free People Group’s sales to promotional wholesale customers. URBN believes that the total Company fourth quarter gross margin could deleverage more than planned primarily due to higher than anticipated inbound transportation costs. For the year ended January 31, 2022, total Company net sales increased 14.2% compared to the year ended January 31, 2020. Comparable Retail segment net sales increased 16%, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit negative retail store sales due to reduced store traffic. Wholesale segment net sales decreased 23% primarily from reducing the Free People Group’s sales to promotional wholesale customers.

L Brands, Inc. announced a partnership with Next PLC for its company-owned Victoria’s Secret business in the United Kingdom and Ireland. Under the agreement, which is subject to regulatory clearance, Victoria’s Secret U.K. and Next PLC have formed a joint venture (“JV”), where the JV will acquire the majority of the assets of the Victoria’s Secret U.K. business that is currently in Administration. The newly formed JV will operate all Victoria’s Secret stores in the U.K. and Ireland, subject to agreeing to terms with landlords. The U.K. digital (online) business, which is currently operated by Victoria’s Secret in the United States, will be folded into the JV in Spring 2021. Under the terms of the agreement, Next PLC will own 51 percent of the JV, while Victoria’s Secret will own 49 percent.