By Canadian Press

Aritzia swings to Q1 profit as revenues more than double despite store closures

Jul 13, 2021 | 2:50 PM

VANCOUVER — Aritzia Inc. says it swung to a $17.9-million profit in the first quarter as revenues more than doubled from a year ago despite a majority of its Canadian stores being closed.

The Vancouver-based clothing retailer says its profit for the three months ended May 30 compared with a $26.5-million loss in the prior year near the start of the COVID-19 pandemic.

Adjusted profits rose to $21.7 million or 19 cents per diluted share, from a loss of $24.9 million or 23 cents per share in the first quarter of fiscal 2021.

Revenues were $246.9 million, up from $111.4 million to start the last fiscal year and $196.7 million in the first quarter of fiscal 2020.

Aritzia was expected to report 21 cents per share in adjusted profits on nearly $235 million of revenues, according to financial data firm Refinitiv.

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E-commerce revenues increased 19 per cent to $104 million on top of the 125 per cent increase a year ago.

“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,” stated founder, CEO and chairman Brian Hill.

U.S. net revenues more than tripled in the quarter to $114.3 million.

The company said 34 of its 102 boutiques were closed for about two-thirds of the quarter while open stores in Canada operated under capacity restrictions.

This report by The Canadian Press was first published July 13, 2021.

Companies in this story: (TSX:ATZ)

The Canadian Press