In a retail world of doom and gloom, Aritzia Inc. managed that rarest of feats and posted strong numbers in its most recent quarterly report.
The newly public, Canadian fast-fashion retailer saw its net income for the fourth quarter hit 11.5 million Canadian dollars, or $8.6 million at average exchange, a 15.1 percent bump from the end of 2015. Revenues for the period ended Feb. 26 increased 17.4 percent to 196.4 million Canadian dollars, or $147.3 million. Comp store sales also grew by 11.5 percent.
Aritzia’s founder, chairman and chief executive officer Brian Hill said the results reflect the retailer’s “continued momentum” in Canada and the U.S. “as well as outstanding performance in our e-commerce business.”
“Our commitment to provide beautiful high-quality product at an attainable price point and an aspirational shopping experience has enabled us to deliver exceptional results and will continue to distinguish us going forward,” Hill added.
The retailer primarily sells in-house brands of apparel and accessories and opened five new stores during 2016 and expanded or repositioned another five. It plans to add more stores to its current fleet of 60 stores in Canada and 19 in the U.S.
Part or the proceeds from its IPO were to be used for further expansion, and Aritzia said at the time that 25 to 30 new stores would be opened by the end of 2021.
“Looking ahead, we remain focused on driving revenue growth by expanding our store base in North America, targeting substantial growth in our e-commerce business, and continuing to create innovative product assortments with new brands and extensions of our existing brands,” Hill said.
The first quarter of the new fiscal year is already off to a “strong start,” according to the company, which said its spring and summer collections are being well-received by customers and have Aritzia on track to deliver growth for the 11th consecutive quarter.
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