Business

Aritzia beats expectations as Q2 profit nears $40 million on surging revenues

VANCOUVER – Aritzia Inc. beat expectations as its earnings soared in its newest quarter on a 75 per cent enhance in revenues.

The Vancouver-based clothes retailer says it earned $39.8 million for the three months ended Aug. 29, up from a lack of $900,000 a 12 months earlier.

Adjusted earnings for the second quarter was $44.4 million or 39 cents per share, up from $1 million or one cent per share within the year-ago interval and 18 cents per share a 12 months earlier.

Revenues reached $350.1 million, in contrast with $200.2 million within the second quarter of 2020 as comparable gross sales grew 60 per cent to exceed pre-pandemic ranges.

Aritzia was anticipated to earn 21 cents per share in adjusted revenue on $296.2 million in revenues, based on monetary knowledge agency Refinitiv.

The corporate says its e-commerce income elevated 49 per cent within the quarter, on prime of the 82 per cent progress it noticed within the second quarter of final 12 months.

“The power of our enterprise throughout all geographies and all channels continues by the beginning of the third quarter. Wanting forward, enlargement in the USA will probably be a number one driver of our progress,” acknowledged founder, CEO and chairman Brian Hill.

Aritzia says it expects internet revenues of $350 million to $375 million within the third quarter regardless of provide chain disruptions, labour shortages and the continuing oblique results of COVID-19.

This report by The Canadian Press was first printed Oct. 13, 2021.

Corporations on this story: (TSX:ATZ)




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