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.

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.

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

Great brands are built through great customer insights.

At URBN, we see ourselves as customer specialists, a collection of brands, each one specializing in one particular customer group, a particular lifestyle or a life stage. We offer her things she wants in environments that inspire her. We talk to her and listen to her ideas and opinions.

In Asia, Free People, along with World Co., Ltd. of Japan, will launch a shop in Shinjuku and a freestanding store and wholesale showroom in Harajuku.