The company’s net revenue for the period increased 63% to $453.3 million, while net income surged 113% to $64.9 million
SmallCapPower | January 12, 2022: Aritzia Inc. (TSX:ATZ) late Wednesday reported third-quarter financial results for its fiscal 2022 ending November 28, 2021.
The company’s net revenue for the period increased 63% to $453.3 million, while Adjusted EBITDA doubled to $109.3 million from $54.6 million and net income surged 113% to $64.9 million, or $0.61 per share (adjusted).
“Our exceptional performance continued through the third quarter of fiscal 2022. Our net revenue growth of 63% was driven by an outstanding client response to our Fall and Winter product across all geographies and all channels. Sales growth in the United States sustained unprecedented momentum, increasing 115% and representing 44% of our total revenue in the quarter. Our eCommerce business continued to surge, increasing 47% on top of the 79% increase we saw in the third quarter last year. Our retail business flourished, as comparable sales in our boutiques grew 58% from fiscal 2021, whilst continuing to exceed pre-pandemic levels with retail comps growing 26% from fiscal 2020,” Aritzia CEO Brian Hill said in a statement.
Aritzia was expected to report $0.40 per share in adjusted profits on $368 million in revenues, according to financial data firm Refinitiv.
As well, the company raised its revenue outlook for the year and now expects sales of between $1.425 billion and $1.45 billion, implying a growth of 65% to 70% from fiscal 2021. It previously forecast annual revenues of $1.25 billion to $1.3 billion.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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