RYU revenue jumps 67% in 2018
Vancouver-based athletic brand RYU Apparel Inc. (Respect Your Universe) announced a 67 percent increase in revenue for the full year ended December 31, 2018.
Revenue for the year was $5.05 million, compared to $3.02 million during the year ended December 31, 2017.
E-commerce revenue represented 14 percent of total revenue, marking a 42 percent jump in e-commerce revenue compared to last year.
Store sales also contributed to revenue growth with three new stores opening during the year - in Williamsburg, Brooklyn in New York City, and CF Sherway Gardens in Toronto, Ontario - for a total of eight stores, versus five retail stores last year.
Gross profit grew 73 percent reaching $2.39 million compared with $1.38 million in fiscal 2017.
Likewise, the fourth quarter marked the company’s thirteenth consecutive quarter of growth with fourth-quarter revenue up 52 percent at $1.7 million, compared to $1.2 million in 2017.
Fourth quarter gross profit was $659,725 compared with $529,472 in the same period in fiscal 2017, an increase of 25 percent.
"We are delighted with this quarter and yearly results and the constant progress we are making in our strategic plan," said Marcello Leone, CEO, in a news statement.
"Moving forward, RYU remains focused and we have a solid execution plan in place to position the brand for success. As creators of Urban Athletic Apparel, we are growing day after day and we are thrilled about our next steps."
Earlier this year, RYU successfully opened its ninth retail location located at Fashion Island in Newport Beach, California. It has two other locations in Southern California that are both set to open in the summer of 2019.
The company also relaunched its website at RYU.com with several improved features and has plans to launch new product categories over the next year to add to RYU's existing 'hero' and 'core' programs.
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