Canadian fashion firm Aritzia's Q1 FY22 revenue jumps 122% to $247 mn

“We are extremely pleased with the start of fiscal 2022. The strength of our multi-channel business fuelled first quarter net revenue growth, despite half of our Canadian boutiques remaining closed for the majority of the quarter,” Brian Hill, founder, chief executive officer and chairman at Aritzia, said in a press release.

 

“Retail sales productivity at our open boutiques returned to pre-Covid-19 levels, ramping faster than we anticipated. In the United States, our brand affinity is deepening, where net revenues have more than tripled, growing at 200 per cent from the prior year,” Hill added.

 

The company’s gross profit for Q1 FY22 increased to $109.1 million ($13.0 million), while sales, general and administrative expenses were $70.4 million ($43.5 million). Aritzia’s net income improved to $17.9 million (loss: $26.5 million).

 

Although Artizia’s performance continued to be impacted by the closure of half of its boutiques in Canada for approximately two-thirds of the quarter, the company recorded 501.6 per cent jump in retail revenue to $143.0 million ($23.8 million).

 

“We are emerging from the pandemic confident in our ability to consistently deliver profitable growth given the momentum in our business, led by the continued acceleration of sales in the United States and sustained growth in our e-commerce business. We are leveraging our world class operational expertise, infrastructure and strong financial position to expedite investments across our four key strategic growth drivers, as evidenced by our recent accelerated product expansion into men’s with the acquisition of Reigning Champ. I remain deeply grateful for our people's commitment to delivering our Everyday Luxury experience and our clients' enduring loyalty to Aritzia,” Hill concluded in the release.