An Aritzia store on Robson St in Vancouver, on April 9.Isabella Falsetti/The Globe and Mail
Aritzia Inc. ATZ-T says its net income soared to $99.6 million in its latest quarter as the retailer benefited from strong consumer interest in its products, as well as lower markdowns and warehousing costs.
The Vancouver-based apparel company says that fourth-quarter profit is more than four times higher than the $24.2 million it made a year earlier.
It attributed the boost in the period ended March 2 to investments in digital marketing, technology and flagship stores, along with an increase in income from foreign exchange gains and unrealized gains on derivatives.
Aritzia’s net revenue rose by more than 31 per cent to $895.1 million, with its retail revenue spiking by 24 per cent and its e-commerce revenue climbing by 42 per cent.
On an adjusted basis, the company reported a net income of $98 million, compared with $38.2 million a year ago.
That amounted to adjusted earnings of 83 cents per diluted share compared with 34 cents the year before.