Aritzia continues to see strong sales
Canadian retailer Aritzia announced on Wednesday a net revenue increase of 23 percent for the full fiscal year ended February 26, 2017. Revenue jumped to CAD $667.2 million from CAD $542.5 million in fiscal 2016.
The increase was primarily driven by comparable sales growth of 14 percent due to strong in-store sales, as well as strong sales from the company's eCommerce business.
Gross profit for the year increased by 33.9 percent to CAD $265.5 million, or 39.8 percent of net revenue. Adjusted Net Income increased by 60.4 percent to CAD $64.6 million, or $0.55 per diluted share.
Net revenue for Aritzia’s fourth quarter, which also ended February 26, increased by 17.4 percent to CAD $196.4 million from CAD $167.4 million in the prior year. Again, the increase was primarily driven by a comparable sales growth of 11.5 percent.
Gross profit increased by 32.4 percent to CAD $75.4 million, in the fourth quarter.
"Our strong fourth quarter and full year performance demonstrates our ability to drive consistent profitable growth. We achieved double digit comparable sales increases in each quarter of fiscal 2017, reflecting continued momentum in our Canadian and U.S. retail stores, as well as outstanding performance in our eCommerce business,” said Brian Hill, Aritzia's Founder, Chairman and Chief Executive Officer, in a news statement.
"Looking ahead, we remain focused on driving revenue growth by expanding our store base in North America, targeting substantial growth in our eCommerce business, and continuing to create innovative product assortments with new brands and extensions of our existing brands.”
In the remainder of fiscal 2018, the Company plans to open three to four new stores and expand or reposition five to six existing locations. At the end of fiscal 2017, the company had 60 stores in Canada and 19 stores in the United States.
The company has also introduced two new in-house brands since the beginning of the year.
The company says that the first quarter of fiscal 2018 is off to a strong start and they are on track for its 11 consecutive quarter of positive comparable sales growth.
Aritzia was founded in 1984 and is based in Vancouver, Canada.
Copyright © 2022 FashionNetwork.com All rights reserved.