- Aritzia stock is up after the release of its Q3 2024 financial results, reporting net revenue of C$654 million during the quarter
- The company noted its Toronto-based distribution centre successfully ramped up, which contributed to record volume and an improved inventory
- Moving forward, Aritiza anticipates launching its spring 2024 line with a wide range of products and inventory position
- Shares of Aritzia are up 20.97 per cent to C$32.01 as of 10:47 am ET
Aritzia (TSX:ATZ) stock is up more than 20 per cent on Thursday after the release of its Q3 2024 financial results.
In a news release, the Vancouver-based designer company reported revenue for the quarter of C$654 million, representing a 5 per cent increase from the previous quarter.
Highlights from Aritzia stock’s Q3 2024 financial results include:
- a net revenue increase of 4.6 per cent from Q3 2023 to to $653.5 million in Q3 2024
- U.S. net revenue increase of 4.2 per cent from Q3 2023 to $326.6 million, representing 50 per cent of net revenue in Q3 2024
- an increase in retail net revenue of 4.2 per cent to $441.1 million
Aritzia CEO Jennifer Wong also said that its Toronto-area distribution centre ramped up, which contributed to record volume and an improved inventory position.
“Looking ahead, we expect to launch spring 2024 with an improved product assortment and inventory position. We are also accelerating our real estate expansion strategy into fiscal 2025 and diligently working to increase our e-commerce momentum through strategic investments in leadership, digital marketing and technology,” Wong added.
Moving into Q4 2024, Aritiza anticipates its revenue to fall between $670 million and $690 million, which will include the addition of $30 million from the 53rd week.
This will represent a growth of between 5 to 8 per cent in addition to strong growth of 44 per cent from Q4 2023.
For fiscal 2024, Artitiza stock anticipates net revenue to fall between the range of $2.32 billion to $2.34 billion, representing growth of approximately 6 per cent to 7 per cent from fiscal 2023 including the 53rd week.
Aritzia is a Canada-based fashion company and the creator and purveyor of Everyday Luxury, which is home to a portfolio of brands for every function and individual aesthetic. Artizia customers can shop online at aritzia.com and in more than 110 of its locations across Canada and the United States.
Shares of Aritzia are up 20.97 per cent to C$32.01 as of 10:47 am ET.
Join the discussion: Find out what everybody’s saying about this stock on the Aritzia Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.