Aritzia notches record revenue, sales in third quarter

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Half of its net sales came from the U.S.

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Aritzia Inc. brought in record net revenue during the fiscal third quarter, with half of its net sales coming from the United States, the company reported after market close on Jan. 11.

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The clothing retailer that specializes in “everyday luxury” said it generated $625 million in net revenue for the three-month period ended Nov. 27, representing 38-per-cent growth from a year earlier. Net income increased nearly nine per cent to $70.7 million, or 61 cents per diluted share, up from last year’s $64.9 million which amounted to 56 cents per share. Analysts expected net sales of $585.5 million, The Wall Street Journal reported.

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“Our performance in the third quarter of fiscal 2023 showcases the ongoing sales momentum that we’re seeing in our business,” chief executive Jennifer Wong told analysts on an earnings call Wednesday. “Our record Q3 sales were higher than anticipated and all geographies and all channels outperformed our expectations.”

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The Vancouver-based retailer, founded in 1984, said half of its sales in the quarter came from south of the border. In October at its first investors day, Wong said the company will place more focus on increasing its brick-and-mortar footprint in the U.S. and expanding e-commerce offerings as part of a five-year growth strategy.

Aritzia also delivered guidance on its fourth quarter results, saying it is on track to generate net revenue in the range of $580 million to $600 million.

More to come.

• Email: bbharti@postmedia.com | Twitter: 

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