Aritzia Inc. says it had record quarterly revenue in its third quarter as it made gains company wide including notable growth in the U.S. and online.
The Vancouver-based clothing retailer says net revenue of $624.6 million for the quarter ending Nov. 27 was an increase of 38 per cent from a year earlier.
Net income of $70.7 million for the third quarter of fiscal 2023 was an increase of 8.9 per cent from a year earlier.
Aritzia says revenue in the U.S. was up 58 per cent, while total e-commerce sales were up 36 per cent.
Inventory at the end of the third quarter totalled $508 million, up 188 per cent from a year earlier, as the company had made earlier orders to build up supplies amid uncertain supply chains.
The retailer says it is comfortable with its inventory position, and expects markdowns in the fourth quarter to be no greater than pre-pandemic levels.
This report by The Canadian Press was first published Jan. 11, 2023.
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The Canadian Press