Aritzia releases first results after IPO; reports net revenue increase
October 12, 2016 - 5:48 PM
VANCOUVER - Canadian fashion retailer Aritzia Inc. (TSX: ATZ) released its first quarterly results since going public, revealing its second quarter net revenue increased 30.1 per cent over the same quarter last year to $157.9 million
In a statement Wednesday, the company said comparable sales growth was 16.9 per cent, on top of a 20.8 comparable sales growth in the second quarter last year.
Gross profit margin for the quarter that ended Aug. 28 also was up, increasing to 35.9 per cent from 34.3 per cent in the second quarter last year.
Aritzia says stock-based compensation of $90.9 million was expensed in the quarter due to the fair value accounting of legacy time-based options and the triggering of legacy performance-based options in connection with the company's initial public offering earlier this month.
It says this primarily contributed to a net loss of $67.3 million, as compared to net income of $4.7 million in the second quarter last year.
During the quarter, Aritzia opened one new store in Long Island, N.Y., and relocated and expanded one store in the Greater Toronto Area.
News from © The Canadian Press, 2016