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Published
Jan 10, 2017
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Aritzia sales rise in Q3, reports new store openings

Published
Jan 10, 2017

Aritzia announced on Monday strong third quarter results, despite a reported net loss of $8.1 million, or eight cents per diluted share due to a one-time charge.
 
The Canadian fashion retailer said on Monday that the lose was the result of a modification to the accounting treatment of the company's legacy option plan.
 
Still, adjusted net income increased by 44.7 percent to $27.5 million, or 23 cents per diluted share for the third quarter which ended November 27, 2016. Compared to an adjusted net Income of $19 million, or 16 cents per diluted share reported for the same period last year.
 
The retailer reported that net revenue totaled $186.5 million from $155.4 million, an increase of 20 percent.
 

Inside Aritzia's Yorkdale Shopping center location in Toronto, Ontario. - facebook.com/aritzia


The increase was primarily driven by comparable sales growth, including a strong in-store performance and continued momentum in the company's e-commerce business, as well as the revenue from five new store openings and five expanded or repositioned stores since the third quarter of last year.
 
“In addition to delivering another quarter of double-digit comparable sales growth, we continued to make progress on our growth plans, including the expansion of our North American store footprint, and increased penetration of our eCommerce business,” said Brian Hill, Aritzia's Founder, Chairman and Chief Executive Officer, in a news statement.

During the quarter, the Vancouver-based company opened two new stores, and repositioned and expanded two existing stores.
 
The company also said that they are on track to open its planned minimum 25 to 30 new locations in North America, and expand or reposition a minimum of 20 to 25 existing stores between fiscal 2017 and to the end of fiscal 2021.
 
In fiscal 2018, the retailer plans to open flagship locations in Los Angeles, Chicago and San Francisco.

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