912615--4/12/2006--URBAN_OUTFITTERS

related topics

{operation, natural, condition}

{personnel, key, retain}

{customer, product, revenue}

{acquisition, growth, future}

{condition, economic, financial}

{property, intellectual, protect}

{stock, price, operating}

{competitive, industry, competition}

{cost, operation, labor}

Our business segments are sensitive to economic conditions, consumer spending, shifts in fashion and industry and demographic conditions. We rely heavily on our ability to identify changes in fashion. We may not be successful in expanding our business and opening new retail stores. Existing and increased competition in the specialty retail, direct-to-consumer and wholesale apparel businesses may reduce our net revenues, profits and market share. We depend on key personnel and may not be able to retain or replace these employees or recruit additional qualified personnel, which would harm our business. We could be materially and adversely affected if any of our distribution centers are shut down. We rely significantly on foreign sources of production. Our operating results fluctuate from period to period. We may be unable to protect our trademarks and other intellectual property rights. War, acts of terrorism, or the threat of either may negatively impact availability of merchandise and otherwise adversely impact our business. Our expansion into enclosed shopping malls may not be successful.

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912615--4/12/2006--URBAN_OUTFITTERS_INC