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Aritzia reports 12.2% revenue jump to $981 mn in FY20

06
Jun '20
Pic: Aritzia/ Wilfred
Pic: Aritzia/ Wilfred
Aritzia Inc, a Canada-based women's online fashion boutique, posted 12.2 per cent revenue growth to $980.6 million (Canadian dollars) in fiscal 2020 ended on March 1, 2020 compared to $874.3 million in previous fiscal. The performance was driven by revenue from new, expanded and repositioned boutiques. Net income increased 15.1 per cent to $90.6 million. 
 
“Following the temporary closure of our 96 boutiques on March 16, 2020, we took immediate action to drive revenue in our e-commerce channel and manage expenditures to enhance our liquidity and maintain our strong financial position. As a result of these efforts, our e-commerce revenue growth since our boutique closures has been in excess of 150 per cent compared to last year,” Brian Hill, founder, chief executive officer and chairman at Aritzia, said in a press release.
 
Gross profit for the year grew to $403.4 million ($342.9 million). Selling, general and administrative expenses were $243.3 million (215.2 million).
 
During the temporary boutique closure period, Aritzia reported favourable response to its spring/summer product and strategic sales events through its e-commerce channel.
 
“We are still early in the reopening process and while we are encouraged by the initial results given the current environment, we expect an extended ramp to a new normal. As we look ahead, we believe we are extremely well-positioned to navigate the evolving consumer landscape with our beautiful, high quality product, deep customer loyalty and our talented team, all underpinned by our best-in-class infrastructure,” Hill said.

Fibre2Fashion News Desk (JL)


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