Fashion retailer Aritzia reports third-quarter profit and sales up
Aritzia Inc. says it earned $34.8 million in its third quarter, up from $32.6 million a year earlier, as net revenue grew 10 per cent compared with a year ago.
The Vancouver-based fashion retailer says its net revenue totalled $267.3 million in the quarter ended Dec. 1 compared with $242.9 million in the same quarter last year.
Comparable store sales, a key metric for retailers, were up 5.1 per cent.
On an adjusted basis, Aritzia says its profit amounted to 32 cents per diluted share for what was the third quarter of its 2020 financial year, up from an adjusted profit of 31 cents per diluted share a year earlier.
Analysts on average had expected a profit of 30 cents per share for the quarter, according to financial markets data firm Refinitiv.
In its outlook, the retailer says it expects comparable sales growth in the fourth quarter to be in the high single digits as strong sales momentum from the second half of the third quarter continued through the holiday season.
“We are pleased to have delivered solid third quarter financial results which marked our 21st consecutive quarter of positive comparable sales growth,” chairman and chief executive Brian Hill said in a statement.
“During the quarter we delivered a record Black Friday week where we witnessed a significant surge in eCommerce penetration, particularly in the United States.”
