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Jul 9, 2020

Aritzia reports Q1 loss, revenue drop amid COVID-19

Online sales not enough to keep Aritzia from Q1 loss

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VANCOUVER -- Aritzia Inc. reported a first-quarter loss and revenue drop for its most recent quarter that saw it temporarily close all its stores amid the COVID-19 pandemic.

The clothing retailer reported a net loss of $26.5 million for the first quarter ended May 31, down from a net income of $16.2 million in the same quarter last year, which ended June 2, 2019.

Adjusted net loss was $24.9 million or 23 cents per diluted share compared to net income of $18.5 million or 17 cents per share for the first quarter the previous year.

The Vancouver-based company says net revenue totalled $111.4 million, down 43.4 per cent from $196.7 million in the same time last year.

Aritzia says it saw a significant decline in sales during the first two weeks of March as it temporarily closed 96 stores on March 16.

It reported e-commerce sales growth of more than 150 per cent during the quarter.

The company began a phased reopening of stores on May 7, with 30 reopened by the end of the quarter and 89 reopened as of July 9.