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Jul 14, 2021

Aritzia swings to Q1 profit as revenues more than double despite store closures

Christine Poole discusses Aritzia


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VANCOUVER - Aritzia Inc. says it swung to a $17.9-million profit in the first quarter as revenues more than doubled from a year ago despite a majority of its Canadian stores being closed.

The Vancouver-based clothing retailer says its profit for the three months ended May 30 compared with a $26.5-million loss in the prior year near the start of the COVID-19 pandemic.

Adjusted profits rose to $21.7 million or 19 cents per diluted share, from a loss of $24.9 million or 23 cents per share in the first quarter of fiscal 2021.

Revenues were $246.9 million, up from $111.4 million to start the last fiscal year and $196.7 million in the first quarter of fiscal 2020.

Aritzia was expected to report 21 cents per share in adjusted profits on nearly $235 million of revenues, according to financial data firm Refinitiv.

E-commerce revenues increased 19 per cent to $104 million on top of the 125 per cent increase a year ago