- Wednesday, October 16, 2024
Aritzia, the Canadian women's fashion brand, has announced an increase in sales for its fiscal third quarter. Despite a challenging retail environment, the brand's new product offerings attracted shoppers in the lead-up to the holiday season.
In the three months ended November 26, the company reported a profit of 43.1 million Canadian dollars ($32.2 million), or 38 Canadian cents per share. This is a decrease from last year's figure of C$70.7 million, or 61 Canadian cents per share.
However, adjusted earnings were higher than expected, standing at 47 Canadian cents per share, surpassing analysts' forecast of 41 Canadian cents per share.
Total revenue for the quarter rose by 4.6% to C$653.5 million, exceeding analysts' expectations of C$623.2 million. Comparable-store sales also experienced a modest growth of 0.5%.
Despite the mixed consumer environment, Chief Executive Jennifer Wong expressed satisfaction with sales growth across all geographies and channels. She mentioned that the company is actively expanding its real estate portfolio and focusing on enhancing its product assortment.
Aritzia has revised its fiscal-year sales outlook to C$2.32 billion to C$2.34 billion, compared to its previous guidance of C$2.25 billion to C$2.35 billion. Analysts surveyed by FactSet had expected sales of $2.29 billion.
Looking ahead, Aritzia is targeting sales of C$670 million to C$690 million for the current quarter, slightly lower than analysts' expectations of C$672.5 million.
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