Aritzia Q1 sales, earnings surge
Canadian fashion retailer Aritzia Inc. announced on Thursday a 65% surge in net revenues for the first quarter, on the back of strong growth across all channels and geographies.
The Vancouver-based company said net revenues for the first quarter ending May 29 increased 65.2% to $407.9 million, following comparable sales growth of 29.4% compared to the same quarter last year.
U.S. revenue increased by 81% to $206.8 million, comprising 50.7% of net revenue in the first quarter. E-commerce revenue increased by 15.5% to $120.1 million, comprising 29.4% of quarterly net revenue, while retail revenue increased by 101.3% to $287.8 million.
Net income for the three months jumped by 85.8% to $33.3 million, the company added.
“Our outstanding performance continued through the first quarter of fiscal 2023, driven by the incredible reception to our spring and summer product,” said Jennifer Wong, chief executive officer. “We saw strength across all geographies and channels, and we were particularly pleased with our ongoing momentum in the United States, where revenue grew 81%. New boutiques continued to outperform our expectations, further fueling our brand awareness and multi-channel business.”
Looking ahead, Aritzia said it is on-track to deliver net revenue in the range of $440 million to $460 million in the second quarter, representing an increase of approximately 26% to 31% from last year.
“We are seeing this momentum extend into the second quarter, in spite of the challenging macro backdrop, as client demand remains strong,” said Wong.
“We continue to position ourselves for long-term success, as we advance our growth strategies and investment in infrastructure. I am deeply appreciative of our loyal clients and our people’s commitment to excellence as we continue delivering our everyday luxury experience.”
