Retailer raises full-year outlook as U.S. revenue surges 55%
Aritzia’s fiscal first-quarter profit more than doubled to C$117.3 million (about $82.8 million), or C$0.99 a share, compared with C$42.4 million, or C$0.36 a share, a year earlier, the Canadian women’s fashion retailer said Thursday. Adjusted earnings per share came in at C$0.96, beating the C$0.88 average estimate from analysts polled by FactSet.
Revenue for the period ended in late May rose 43% to C$951 million, also topping Wall Street expectations of C$921.9 million. Comparable sales, which adjust for store openings and closings, climbed 35%.
The company’s U.S. business drove much of the growth, with revenue there jumping 55% to C$638.1 million. Canadian revenue increased 25% to C$312.9 million. Digital revenue growth accelerated to 56%, and all categories posted gains, the company said.
Chief Executive Jennifer Wong said the results reflect broad momentum across the business, spanning all geographies, channels and product categories. “Our digital initiatives, new boutique openings and strategic marketing investments continued to drive increased awareness and widespread affinity for the Aritzia brand,” Wong said.
Aritzia lifted its full-year sales outlook, now expecting revenue of C$4.55 billion to C$4.75 billion, up from its prior forecast of C$4.4 billion to C$4.6 billion. For the current fiscal quarter, the company forecast sales of C$1.1 billion to C$1.13 billion, above the C$1.04 billion analysts had been expecting.