Aritzia Sales Beat Estimates on New Styles

Aritzia Inc. reported higher-than-expected gross sales development because the clothes retailer provides new clothes kinds and opens new retailer areas.

The Vancouver-based firm reported income of C$498.6 million ($365.7 million) for its fiscal first quarter, which ended June 2, surpassing the typical analyst estimate. Gross sales grew 7.8 p.c from a yr earlier.

The corporate, which payments itself as “on a regular basis luxurious” and specialises in ladies’s attire, has targeted on increasing its US presence, which the corporate expects will assist drive gross sales. Aritzia plans so as to add at the least 10 new shops within the US within the fiscal yr. Whereas Canada remains to be house to nearly all of its areas, the US brings in additional income.

“We’re inspired by the optimistic response to each our new kinds and consumer favourites,” Aritzia CEO Jennifer Wong stated in a press launch.

E-commerce growth is one other space of focus. Aritzia’s on-line gross sales development has slowed popping out of the pandemic, so it has been working to enhance its web site, develop in-store decide up choices and pilot a cell software. E-commerce gross sales grew 4.2 p.c within the first quarter.

Aritzia shares have gained 51 p.c up to now this yr via Thursday’s shut.

By Monique Mulima

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