Aritzia Sales Beat Estimates on New Styles, U.S. Expansion – BNN Bloomberg

Christine Poole, CEO and Managing Director of GlobeInvest Capital Management Inc., joined BNN Bloomberg to discuss Lululemon’s earnings growth and share buybacks.

(Bloomberg) — Aritzia Inc. reported higher-than-expected sales growth as the clothing retailer introduces new styles and opens new stores.

“We are pleased with the positive response to both our new styles and customer favorites,” said Jennifer Wong, CEO of Aritzia, in a press release.

The company, which bills itself as “everyday luxury” and specializes in women’s clothing, has focused on expanding its presence in the U.S., which the company says will help boost sales. Aritzia plans to open at least 10 new U.S. stores in the fiscal year. While Canada is still home to most of its locations, the U.S. accounts for more revenue.

“We are encouraged by the positive response to both our new styles and our customer favorites,” said Jennifer Wong, CEO of Aritzia, in a press release.

Another area of focus is e-commerce expansion. Aritzia’s online sales growth slowed after the pandemic, so the company worked to improve its website, expand in-store pickup and pilot a mobile app. E-commerce sales rose 4.2% in the first quarter.

Aritzia shares were up 51% this year through Thursday’s close.