Aritzia’s revenue continues to rise in second quarter
Aritzia announced another strong quarter on Wednesday with double-digit revenue growth.
The Canadian fashion retailer reported net revenue of $174 million, for the 13-week period ended August 27, 2017, up 10.2 percent, compared to the same period last year.
The increase was primarily driven by solid comparable sales growth, and the revenue from eight new store openings and four expanded or repositioned stores since the same period last year.
"We are pleased with our strong financial results for the second quarter as we continued to deliver double digit revenue growth, in addition to significant normalized margin expansion,” said Brian Hill, Aritzia's Founder and CEO, in a news statement.
“Our net revenue was driven by our new and expanded stores, meaningful growth in our eCommerce business and continued growth in our comparable store sales.”
Comparable sales growth was 5.4 percent compared to last year, where it was 16.4 percent.
Gross profit increased by 11.4 percent to $63.1 million, or 36.3 percent of net revenue, compared to $56.7 million, or 35.9 percent of net revenue, in the second quarter last year.
Aritzia, which went public in October 2016, posted gross profit of $265.5 million in fiscal 2017.
The company was founded in 1984 and is based in Vancouver, Canada.
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