During the latest quarter, the company recorded a $14.5 million provisional store impairment charge and a $43.3 million year-over-year increase in inventory obsolescence reserves due to an increase in aged inventory and an increase in the promotional environment in both the Retail and Wholesale segments.
The company opened a total of four new retail locations including two Anthropologie Group stores and two Urban Outfitters stores; and closed one Urban Outfitters store during the quarter. During the three months ended April 30, 2020, no franchisee-owned stores were opened or closed.
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