Canadian retailer Aritzia (ATZ) reported record quarterly revenue for its fiscal third quarter as it continued to expand in the U.S. and grew its online sales.
The Vancouver-based clothing company announced net revenue of $624.6 million for the quarter ended November 27, 2022. That was up 38% from a year ago.
Aritzia also reported net income of $70.7 million, an increase of 8.9% from a year ago.
The strong results come as revenue in the U.S. rose 58% and e-commerce sales generated online increased 36% during the quarter.
Inventory at the end of the quarter totalled $508 million, up 188% from the same period of 2021 as the company made additional orders to meet demand. Aritzia said it is comfortable with its current inventory levels.
Aritzia’s stock has gained 4% over the last year to trade at $51.22 per share.
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