Aritzia sees net income fall to $17.5 million in first quarter despite higher revenue

VANCOUVER –

Aritzia Inc. says its internet revenue for the primary quarter was $17.5 million, nearly half of its internet revenue of $33.3 million a 12 months earlier.

The Vancouver-based retailer says internet income for the quarter was $462.7 million, up 13.4 per centfrom $407.9 million throughout the identical quarter final 12 months.

The firm says its gross revenue margin was decrease on account of greater product-related prices amid inflationary pressures, short-term warehousing prices associated to stock administration, and different headwinds partially offset by decrease expedited freight prices.

Net revenue per diluted share was 15 cents, down from 29 cents a 12 months earlier.

The firm noticed its retail internet income improve 13.8 per cent to $327.6 million, whereas e-commerce internet income was up 12.5 per cent and made up greater than 29 per cent of general internet income for the quarter.

Net income from the U.S. was up 21.8 per cent, making up greater than 54 per cent of general internet income.

This report by The Canadian Press was first printed July 11, 2023.