Aritzia Reports First Quarter Fiscal 2023 Financial Results
Q1 net revenue increased by 65.2% to $407.9 million
Q1 net income increased by 85.8% to $33.3 million
Q1 Adjusted EBITDA(1) increased by 70.3% to $69.6 million
VANCOUVER, BC, July 7, 2022 /CNW/ - Aritzia Inc. (TSX: ATZ), ("Aritzia" or the "Company"), a vertically integrated, innovative design house offering Everyday Luxury online and in its boutiques, today announced its financial results for first quarter fiscal 2023 ended May 29, 2022.
"Our outstanding performance continued through the first quarter of fiscal 2023, driven by the incredible reception to our spring and summer product," said Jennifer Wong, Chief Executive Officer. "We saw strength across all geographies and channels, and we were particularly pleased with our ongoing momentum in the United States, where revenue grew 81%. New boutiques continued to outperform our expectations, further fueling our brand awareness and multi-channel business."
"We are seeing this momentum extend into the second quarter, in spite of the challenging macro backdrop, as client demand remains strong. We continue to position ourselves for long-term success, as we advance our growth strategies and investment in infrastructure. I am deeply appreciative of our loyal clients and our people's commitment to excellence as we continue delivering our Everyday Luxury experience," concluded Ms. Wong.
- Net revenue increased 65.2% to $407.9 million from Q1 2022, achieving comparable sales growth(1) of 29.4% compared to Q1 2022
- USA revenue increased by 81.0% to $206.8 million from Q1 2022, comprising 50.7% of net revenue in Q1 2023
- eCommerce revenue increased by 15.5% to $120.1 million from Q1 2022, comprising 29.4% of net revenue in Q1 2023
- Retail revenue increased by 101.3% to $287.8 million from Q1 2022
- Gross profit margin(1) increased slightly to 44.3% from 44.2% in Q1 2022
- Net income increased by 85.8% to $33.3 million from Q1 2022
- Adjusted EBITDA(1) increased by 70.3% to $69.6 million from Q1 2022
- Adjusted Net Income(1) of $0.35 per diluted share, compared to $0.19 per diluted share in Q1 2022
(1) |
Unless otherwise indicated, all amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted or comparable basis, are non-IFRS measures or supplementary measures. See "Non-IFRS Measures including Retail Industry Metrics" and "Selected Consolidated Financial Information". |
(Unaudited, in thousands of Canadian dollars, |
Q1 2023 13 weeks |
Q1 2022 13 weeks |
Variance |
||||||
% |
% pts |
||||||||
eCommerce revenue |
$ 120,086 |
29.4 % |
$ 103,964 |
42.1 % |
15.5 % |
||||
Retail revenue |
287,824 |
70.6 % |
142,952 |
57.9 % |
101.3 % |
||||
Net revenue |
407,910 |
100.0 % |
246,916 |
100.0 % |
65.2 % |
||||
Gross profit |
180,896 |
44.3 % |
109,108 |
44.2 % |
65.8 % |
0.1 % |
|||
SG&A |
120,279 |
29.5 % |
70,382 |
28.5 % |
70.9 % |
1.0 % |
|||
Net income |
$ 33,261 |
8.2 % |
$ 17,903 |
7.3 % |
85.8 % |
0.9 % |
|||
Net income per diluted share |
$ 0.29 |
$ 0.16 |
81.3 % |
||||||
Adjusted EBITDA(1) |
$ 69,646 |
17.1 % |
$ 40,902 |
16.6 % |
70.3 % |
0.5 % |
|||
Adjusted Net Income(1) per diluted share |
$ 0.35 |
$ 0.19 |
84.2 % |
||||||
Net revenue increased by 65.2% to $407.9 million, compared to $246.9 million in Q1 2022. The Company continues to see an unprecedented acceleration of sales in the United States, where net revenues increased by 81.0% to C$206.8 million, compared to C$114.3 million in Q1 2022.
- eCommerce revenue increased by 15.5% to $120.1 million, compared to $104.0 million in Q1 2022. Overall eCommerce revenue growth was moderated by the channel shift to retail in Eastern Canada where 34 of our boutiques were closed for approximately two-thirds of Q1 2022.
- Retail revenue increased by 101.3% to $287.8 million, compared to $143.0 in Q1 2022. The increase in revenue was led by outstanding performance of our existing and new boutiques in the United States, strong double digit comparable sales growth in Canada, as well as boutique revenue from 34 of our boutiques which were closed for approximately two-thirds of Q1 2022. Boutique count at the end of Q1 totaled 109 compared to 102 boutiques at the end of Q1 2022.
Gross profit increased by 65.8% to $180.9 million, compared to $109.1 million in Q1 2022. Gross profit margin was 44.3%, compared to 44.2% in Q1 2022. The slight improvement in gross profit margin was primarily due to leverage on occupancy and warehousing costs, despite higher expedited freight costs as a result of ongoing global supply chain disruptions and inflationary pressure.
Selling, general and administrative ("SG&A") expenses increased by 70.9% to $120.3, compared to $70.4 million in Q1 2022. SG&A expenses were 29.5% of net revenue, compared to 28.5% in Q1 2022. The increase in SG&A expenses was primarily due to variable selling costs associated with the increase in revenue and continued investment in talent, technology, and marketing initiatives.
Net income was $33.3 million, an increase of 85.8% compared to $17.9 million in Q1 2022.
Net income per diluted share was $0.29, an increase of 81.3% compared to $0.16 in Q1 2022.
Adjusted EBITDA(1) was $69.6 million or 17.1% of net revenue, an increase of 70.3% compared to $40.9 million or 16.6% of net revenue in Q1 2022.
Adjusted Net Income(1) was $40.9 million, an increase of 88.8% compared to $21.7 million in Q1 2022.
Adjusted Net Income(1) per diluted share was $0.35, an increase of 84.2% compared to $0.19 in Q1 2022.
Cash and cash equivalents at the end of Q1 2023 totaled $179.4 million compared to $157.9 million at the end of Q1 2022. The Company currently has zero drawn on its revolving credit facility.
Inventory at the end of Q1 2023 was $298.6 million, compared to $165.0 million at the end of Q1 2022. The Company continues to strategically build its inventory to meet demand.
Capital cash expenditures (net of proceeds from lease incentives)(1) were $24.4 million in Q1 2023, compared to $6.5 million in Q1 2022.
The Company's strong momentum continued into the second quarter of fiscal 2023. Aritzia is on-track to deliver net revenue in the range of $440 million to $460 million in Q2 2023, representing an increase of approximately 26% to 31% from last year. This reflects continued strength in the United States across both its retail and eCommerce channels, as well as, strong recovery of the Company's business in Canada. This revenue range for the second quarter reflects all boutiques opened with no COVID-19 related restrictions in place, compared to last year when 27 of the Company's boutiques in Canada were mandated to close for approximately one-third of the quarter.
For fiscal 2023, Aritzia currently expects the following:
- Net revenue in the range of $1.875 billion to $1.9 billion, representing an increase of approximately 25% to 27% from fiscal 2022, up from the Company's previous outlook of $1.8 billion. This is led by continued strength in the Company's business in the United States across both channels, as well as continued growth in Canada driven by its eCommerce business and recovery in its boutiques, and contribution from its retail expansion with:
- Eight to ten new boutiques with all but one in the United States, including three boutiques in the United States and one in Canada already opened; and
- Four to five boutique expansions or repositions, including three to four locations in Canada and one in the United States.
- Gross profit margin to decrease by approximately 100 bps to 150 bps compared to last year, reflecting ongoing impacts from global supply chain disruptions, inflationary pressure, and discontinued COVID relief subsidies;
- SG&A as a percent of net revenue to increase approximately 50 bps to 100 bps compared to last year, reflecting ongoing investments to fuel our future growth;
- Net capital expenditures in the range of $110 million to $120 million, comprised of:
- Boutique network growth,
- New distribution centre in the Greater Toronto area, and
- Ongoing investments in technology, infrastructure to enhance the Company's eCommerce capabilities and omni-channel experience, and support office expansion.
The foregoing outlook is based on management's current strategies and may be considered forward-looking information under applicable securities laws. Such outlook is based on estimates and assumptions made by management regarding, among other things, general economic and geopolitical conditions and the competitive environment as well as further COVID-19 resurgences. Readers are cautioned that actual results may vary. See also the "Forward-Looking Information" section of this earnings release and "Risk Factors" section of our MD&A and AIF.
On January 12, 2022, the Company announced the commencement of a normal course issuer bid (the "NCIB") to repurchase and cancel up to 3,732,725 of its subordinate voting shares, representing approximately 5% of the public float of 74,654,507, over the 12-month period commencing January 17, 2022 and ending January 16, 2023.
On May 18, 2022, the Company entered into an automatic share purchase plan (the "ASPP") with a designated broker for the purpose of permitting the Company to purchase its subordinate voting shares under the NCIB during self-imposed blackout periods.
Between January 17, 2022 and July 6, 2022, the Company repurchased a total of 1,460,380 subordinate voting shares for cancellation at an average price of $38.85 per subordinate voting share for total cash consideration of $56.7 million.
A conference call to discuss the Company's first quarter results is scheduled for Thursday, July 7, 2022, at 1:30 p.m. PT / 4:30 p.m. ET. To participate, please dial 1-800-319-4610 (North America toll-free) or 1-416-915-3239 (Toronto and overseas long-distance). The call is also accessible via webcast at http://investors.aritzia.com/events-and-presentations/. A recording will be available shortly after the conclusion of the call. To access the replay, please dial 1-855-669-9658 and the access code 9137. An archive of the webcast will be available on Aritzia's website.
Aritzia is a vertically integrated design house with an innovative global platform, home to an extensive portfolio of exclusive brands for every function and individual aesthetic. We're about good design, quality materials and timeless style that endures and inspires — all with the well-being of our People and Planet in mind. We call this Everyday Luxury.
Founded in 1984, in Vancouver, Canada, we create and curate products that are both beautiful and beautifully made, cultivate aspirational environments, offer engaging service that delights, and connect through captivating communications. We pride ourselves on providing immersive, and highly personal shopping experiences at aritzia.com and in our 100+ boutiques throughout North America to everyone, everywhere.
Everyday Luxury. To Elevate Your World.™
Comparable sales growth is a retail industry metric used to assess the performance of the Company's business to explain our total combined revenue growth in eCommerce and established boutiques. Due to temporary boutique closures from COVID-19 in fiscal 2022 which resulted in boutiques being removed from our comparable store base, we believe total comparable sales growth was not representative of our business and therefore we have not reported figures on this metric for Q1 2022 in this press release.
This press release makes reference to certain non-IFRS measures including certain retail industry metrics. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including "EBITDA", "Adjusted EBITDA", "Adjusted Net Income", "Adjusted Net Income per Diluted Share", "capital cash expenditures (net of proceeds from lease incentives)" and "free cash flow." This press release also makes reference to "gross profit margin" as well as "comparable sales growth", which are commonly used operating metrics in the retail industry but may be calculated differently compared to other retailers. Gross profit margin and comparable sales growth are considered supplementary measures under applicable securities laws. These non-IFRS measures including retail industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures including retail industry metrics in the evaluation of issuers. Our management also uses non-IFRS measures including retail industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. Definitions and reconciliations of non-IFRS measures to the relevant reported measures can be found in our MD&A. Such reconciliations can also be found in this press release under the heading "Selected Consolidated Financial Information".
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. Forward-looking statements are based on information currently available to management and on estimates and assumptions made by management regarding, among other things, general economic and geopolitical conditions and the competitive environment within the retail industry, in light of its experience and perceptions of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. These statements may relate to our future financial outlook, our plans relating to our distribution facilities and digital infrastructure, and anticipated events or results and include, our ability to sustain momentum in our business and advance our strategic growth drivers, continued focus on driving digital innovation and eCommerce and Omni capabilities, accelerating boutique growth and expanding our product assortment, acquiring new clients and investing in our infrastructure and growing team, the Company's response to mitigate anticipated supply chain disruptions, geopolitical risks, inflationary pressures and labour shortages, repurchases under our NCIB, our outlook for: (i) net revenue in the second quarter of fiscal 2023, (ii) net revenue in fiscal 2023, (iii) gross profit margin in fiscal 2023, (iv) SG&A as a percent of net revenue in fiscal 2023, (v) net capital expenditure in fiscal 2023 and (vi) new boutiques and expansion or repositioning of existing boutiques in fiscal 2023. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. As the context requires, this may include certain targets as disclosed in the prospectus for our initial public offering, which are based on the factors and assumptions, and subject to the risks, as set out therein and herein. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent our expectations, estimates and projections regarding future events or circumstances.
Implicit in forward-looking statements in respect of the Company's expectations for: (i) net revenue in the range of $440 million to $460 million for the second quarter of fiscal 2023, representing an increase of approximately 26% to 31% from last year, (ii) net revenue in the range of $1.875 billion to $1.9 billion in fiscal 2023, representing an increase of approximately 25% to 27% from fiscal 2022, (iii) gross profit margin to decrease by approximately 100 bps to 150 bps compared to last year, (iv) SG&A as a percent of net revenue to increase approximately 50 bps to 100 bps compared to last year and (v) net capital expenditures in the range of $110 million to $120 million, are certain current assumptions including the continued strength in the United States across both its retail and eCommerce channels, and strong recovery of the Company's business in Canada including all boutiques opened with no COVID-19 related restriction in place. The Company's forward-looking information is also based upon assumptions regarding the overall retail environment, the COVID-19 pandemic and related health and safety protocols and currency exchange rates for fiscal 2023. Specifically, we have assumed the following exchange rates for fiscal 2023: USD:CAD = 1:1.26.
Given this unprecedented period of uncertainty, there can be no assurances regarding: (a) the limitations or restrictions that may be placed on servicing our clients in reopened boutiques or potential re-closing of boutiques or the duration of any such limitations or restrictions; (b) the COVID-19-related impacts on Aritzia's business, operations, labour force, supply chain performance and growth strategies, (c) Aritzia's ability to mitigate such impacts, including ongoing measures to enhance short-term liquidity, contain costs and safeguard the business; (d) general economic conditions related to COVID-19 and impacts to consumer discretionary spending and shopping habits; (e) credit, market, currency, commodity market, inflation, interest rates, global supply chains, operational, and liquidity risks generally; (f) geopolitical events; and (g) other risks inherent to Aritzia's business and/or factors beyond its control which could have a material adverse effect on the Company.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of the Company's annual information form dated May 5, 2022 for the fiscal year ended February 27, 2022 (the "AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this press release represents our expectations as of the date of this press release (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
(unaudited, in thousands of Canadian dollars, unless otherwise noted) |
Q1 2023 |
Q1 2022 |
||
13 Weeks |
13 Weeks |
|||
Net revenue |
$ 407,910 |
100.0 % |
$ 246,916 |
100.0 % |
Cost of goods sold |
227,014 |
55.7 % |
137,808 |
55.8 % |
Gross profit |
180,896 |
44.3 % |
109,108 |
44.2 % |
Operating expenses |
||||
Selling, general and administrative |
120,279 |
29.5 % |
70,382 |
28.5 % |
Stock-based compensation expense |
673 |
0.2 % |
3,035 |
1.2 % |
Income from operations |
59,944 |
14.7 % |
35,691 |
14.5 % |
Finance expense |
6,048 |
1.5 % |
6,434 |
2.6 % |
Other expense (income) |
6,522 |
1.6 % |
3,856 |
1.6 % |
Income before income taxes |
47,374 |
11.6 % |
25,401 |
10.3 % |
Income tax expense |
14,113 |
3.5 % |
7,498 |
3.0 % |
Net income |
$ 33,261 |
8.2 % |
$ 17,903 |
7.3 % |
Other Performance Measures: |
||||
Year-over-year net revenue growth |
65.2 % |
121.7 % |
||
Comparable sales growth(i)(ii) |
29.4 % |
n/a |
||
Capital cash expenditures (net of proceeds from lease incentives)(ii) |
$ (24,355) |
$ (6,522) |
||
Free cash flow(ii) |
$ (54,246) |
$ 11,933 |
||
Number of boutiques, end of period |
109 |
102 |
||
Note: |
|
(i) Please see the "Comparable Sales Growth" section above for more details. (ii) Please see the "Non-IFRS Measures including Retail Industry Metrics" section above for more details. |
|
(in thousands of Canadian dollars) |
Q1 2023 |
Q1 2022 |
13 Weeks |
13 Weeks |
|
Canada |
$ 201,126 |
$ 132,665 |
United States |
206,784 |
114,251 |
Net revenue |
$ 407,910 |
$ 246,916 |
(in thousands of Canadian dollars) |
Q1 2023 |
Q1 2022 |
13 Weeks |
13 Weeks |
|
Net cash (used in) generated from operating activities |
$ (9,318) |
$ 25,772 |
Net cash used in financing activities |
(44,776) |
(3,686) |
Cash used in investing activities |
(31,252) |
(10,405) |
Effect of exchange rate changes on cash and cash equivalents |
(541) |
(2,950) |
Change in cash and cash equivalents |
$ (85,887) |
$ 8,731 |
(in thousands of Canadian dollars, unless otherwise noted) |
Q1 2023 |
Q1 2022 |
13 Weeks |
13 Weeks |
|
Reconciliation of Net Income to EBITDA and Adjusted EBITDA: |
||
Net income |
$ 33,261 |
$ 17,903 |
Depreciation and amortization |
12,300 |
10,441 |
Depreciation on right-of-use assets |
17,771 |
16,318 |
Finance expense |
6,048 |
6,434 |
Income tax expense |
14,113 |
7,498 |
EBITDA |
83,493 |
58,594 |
Adjustments to EBITDA: |
||
Stock-based compensation |
673 |
3,035 |
Rent impact from IFRS 16, Leases(i) |
(23,047) |
(21,945) |
Unrealized loss on equity derivatives contracts |
8,527 |
106 |
Acquisition costs of CYC |
— |
662 |
Secondary offering transaction costs |
— |
450 |
Adjusted EBITDA |
$ 69,646 |
$ 40,902 |
Adjusted EBITDA as a percentage of net revenue |
17.1 % |
16.6 % |
Reconciliation of Net Income to Adjusted Net Income: |
||
Net income |
$ 33,261 |
$ 17,903 |
Adjustments to net income: |
||
Stock-based compensation |
673 |
3,035 |
Unrealized loss on equity derivatives contracts |
8,527 |
106 |
Acquisition costs of CYC |
— |
662 |
Secondary offering transaction costs |
— |
450 |
Related tax effects |
(1,590) |
(505) |
Adjusted Net Income |
$ 40,871 |
$ 21,651 |
Adjusted Net Income as a percentage of net revenue |
10.0 % |
8.8 % |
Weighted average number of diluted shares outstanding (thousands) |
116,080 |
114,711 |
Adjusted Net Income per diluted share |
$ 0.35 |
$ 0.19 |
Note: |
||
(i) Rent Impact from IFRS 16, Leases |
||
(in thousands of Canadian dollars) |
Q1 2023 13 Weeks |
Q1 2022 13 Weeks |
Depreciation of right-of-use assets, excluding fair value adjustments |
$ (17,638) |
$ (16,318) |
Interest expense on lease liabilities |
(5,409) |
(5,627) |
Rent impact from IFRS 16, Leases |
$ (23,047) |
$ (21,945) |
(Unaudited, in thousands of Canadian dollars) |
Q1 2023 |
Q1 2022 |
13 Weeks |
13 Weeks |
|
Cash used in investing activities |
$ (31,252) |
$ (10,405) |
Contingent consideration payout, net relating to the acquisition of CYC Design Corporation |
5,625 |
— |
Proceeds from lease incentives |
1,272 |
3,883 |
Capital cash expenditures (net of proceeds from lease incentives) |
$ (24,355) |
$ (6,522) |
(Unaudited, in thousands of Canadian dollars) |
Q1 2023 13 Weeks |
Q1 2022 13 Weeks |
Net cash (used in) generated from operating activities |
$ (9,318) |
$ 25,772 |
Interest paid on credit facilities |
639 |
775 |
Proceeds from lease incentives |
1,272 |
3,883 |
Repayments of principal on lease liabilities |
(21,212) |
(8,092) |
Purchase of property, equipment and intangible assets |
(25,627) |
(10,405) |
Free cash flow |
$ (54,246) |
$ 11,933 |
(interim period unaudited, in thousands of Canadian dollars) |
As at |
As at February 27, 2022 |
As at May 30, 2021 |
Assets |
|||
Cash and cash equivalents |
$ 179,358 |
$ 265,245 |
$ 157,878 |
Accounts receivable |
9,081 |
8,147 |
5,454 |
Income taxes recoverable |
10,660 |
6,455 |
2,899 |
Inventory |
298,648 |
208,125 |
165,030 |
Prepaid expenses and other current assets |
25,754 |
33,564 |
25,239 |
Total current assets |
523,501 |
521,536 |
356,500 |
Property and equipment |
234,968 |
223,190 |
187,790 |
Intangible assets |
86,855 |
87,398 |
61,159 |
Goodwill |
198,846 |
198,846 |
151,682 |
Right-of-use assets |
354,743 |
362,887 |
359,140 |
Other assets |
4,462 |
4,271 |
2,648 |
Deferred tax assets |
17,159 |
26,458 |
15,887 |
Total assets |
$ 1,420,534 |
$ 1,424,586 |
$ 1,134,806 |
Liabilities |
|||
Accounts payable and accrued liabilities |
$ 264,439 |
$ 179,344 |
$ 109,539 |
Income taxes payable |
— |
58,917 |
2,651 |
Current portion of contingent consideration |
6,619 |
6,619 |
— |
Current portion of lease liabilities |
86,832 |
86,724 |
80,456 |
Current portion of long term debt |
— |
— |
74,884 |
Deferred revenue |
52,750 |
55,721 |
35,468 |
Total current liabilities |
410,640 |
387,325 |
302,998 |
Lease liabilities |
409,798 |
417,067 |
417,664 |
Other non-current liabilities |
20,240 |
22,359 |
14,455 |
Contingent consideration |
— |
6,618 |
— |
Non-controlling interest in exchangeable shares liability |
35,500 |
35,500 |
— |
Deferred tax liabilities |
24,741 |
24,906 |
19,193 |
Total liabilities |
900,919 |
893,775 |
754,310 |
Shareholders' equity |
|||
Share capital |
248,991 |
251,291 |
230,691 |
Contributed surplus |
59,129 |
56,342 |
57,006 |
Retained earnings |
212,443 |
223,553 |
93,119 |
Accumulated other comprehensive loss |
(948) |
(375) |
(320) |
Total shareholders' equity |
519,615 |
530,811 |
380,496 |
Total liabilities and shareholders' equity |
$ 1,420,534 |
$ 1,424,586 |
$ 1,134,806 |
Q1 2023 13 Weeks |
Q1 2022 13 Weeks |
|
Number of boutiques, beginning of period |
106 |
101 |
New boutiques |
3 |
1 |
Number of boutiques, end of period |
109 |
102 |
Boutiques expanded or repositioned |
— |
— |
Note: |
(i) CYC had four boutiques as at May 29, 2022 which are excluded from the boutique count. |
SOURCE Aritzia Inc.
Investors: Beth Reed, Vice President, Investor Relations, 646-603-9844, [email protected]
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