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Aritzia Net Income Almost Triples in Q1, Revenue Also Soars
The Vancouver-based retailer said comparable sales rose 35% as spring and summer collections drove fewer markdowns and stronger U.S. growth.
- On Thursday, Aritzia Inc. reported net income of $117.3 million for the first quarter, nearly tripling from $42.4 million last year, while net revenue grew 43 per cent to $951 million.
- Revenue in the United States surged 54 per cent to $638.1 million, outpacing the 25 per cent growth seen in Canada, as the U.S. market now accounts for roughly two-thirds of company revenues.
- Comparable sales increased 35 per cent in the quarter; Chief Executive Jennifer Wong explained, "The assortment is fantastically balanced between client favourites and newness."
- Aritzia plans to open 12 to 13 new locations this year, focusing primarily on the U.S., with upcoming stores in Birmingham, New Orleans, and St. Louis.
- Despite global shipping issues and consumer anxiety, Aritzia expects annual sales to jump 25 to 28 per cent, and Wong stated she has "never been more confident in the business.
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U.S. expansion sews up big net income, revenue gains for Aritzia in Q1
Aritzia Inc.'s net income almost tripled in its latest quarter as the company reaped the benefits of its U.S. expansion and pleased customers closer to home. The Vancouver-based apparel retailer reported Thursday that its first quarter net income reached $117.3 million, up from $42.4 million during ...
·Kelowna, Canada
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Aritzia's net profit almost tripled in the last quarter, while the company continued to expand in the United States.
·Montreal, Canada
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Coverage Details
Total News Sources15
Leaning Left5Leaning Right1Center5Last UpdatedBias Distribution46% Left, 45% Center
Bias Distribution
- 46% of the sources lean Left, 45% of the sources are Center
46% Left
L 46%
C 45%
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