Aritzia Inc. says having to temporarily close its boutiques to stop the spread of COVID-19 caused its net income to shrink in its latest quarter even though its e-commerce revenues surged 78 per cent from a year ago.
The Vancouver-based apparel company says its net income reached $30.5 million or 28 cents per share in its third quarter, compared with $34.8 million or 32 cents per share during the same period the year before.
Aritzia's adjusted net income was $32.2 million or 29 cents per share for the period ended Nov. 29, versus $35.7 million or 32 cents per diluted share last year.
Analysts had expected Aritzia to report earnings per share of 23 cents per share, according to financial data firm Refinitiv.
Aritzia's net revenue increased to $278.3 million in the quarter, up from $267.3 million.
Aritzia has been hit hard by the pandemic because many of its stores in COVID-19 hot spots have been forced to close for prolonged periods and the company has had to refocus on online sales.