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Aritzia net revenue up 17.4% to $241.2 mn in Q2 FY2020

Oct '19
Pic: Aritzia
Pic: Aritzia
Net revenue of Aritzia Inc, a vertically integrated, innovative design house of exclusive fashion brands, increased by 17.4 per cent to $241.2 million in Q2 of FY2020 ending September 1, 2019, compared to $205.4 million in Q2 of FY2019, with positive performance across all geographies and all channels. The comparable sales growth was 8.4 per cent.

The net revenue growth of the company reflects the addition of four new boutiques and two expanded or repositioned boutiques since the second quarter of fiscal 2019. The expanded boutique network consists of opening of Mall of America in Minneapolis and Minnesota.

The company achieved meaningful e-commerce revenue growth through increases in both traffic and transactions in Canada and the US.

In addition, the company's annual warehouse sale contributed low single digit percentage growth to net revenue in the second quarter this year.

"We were exceedingly pleased with how we performed in our second quarter. Net revenue increased by 17.4 per cent, fueled by new boutiques, expansions, and comparable sales growth of 8.4 per cent. We delivered a meaningful increase in e-commerce revenue during the quarter in addition to continued positive retail comparable growth. Our new boutiques are performing ahead of expectations, and are trending to paybacks under 18 months," said Brian Hill, founder, chief executive officer and chairman.

"For the fall and winter season, we are excited about our expanded outwear offering which features enhanced product development across styles, fabrics and colours. Augmented by increased levels of interest from highly relevant celebrities, we expect our continued product innovation and marketing initiatives will drive strong brand engagement. We are confident our growing brand awareness and the strategic investments we are making to elevate our client experience will enable us to deliver consistent, profitable growth and enhance shareholder value in the years to come," concluded Hill.

The company is pleased with its new fall/winter product launch, which has been well-received by its clients. The company expects comparable sales in the third quarter to be in the low to mid-single digits, following exceptionally strong comp growth of 12.9 per cent in the third quarter last year.

For fiscal 2020, the company currently expects net revenue growth in the low double digits.

Gross profit margin is expected to be flat to slightly lower than fiscal 2019 due to ongoing higher raw material costs and the effect of new tariffs from the ongoing trade dispute between the US and China.

Fibre2Fashion News Desk (PC)

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