Thursday, July 9, 2020
ADVT 
National

Aritzia Inc. expects 45% drop in net revenue in first quarter due to COVID-19

Darpan News Desk The Canadian Press, 28 May, 2020
  • Aritzia Inc. expects 45% drop in net revenue in first quarter due to COVID-19

Aritzia Inc. says it expects net revenue for its first quarter to be about 45 per cent lower than at the same time last year due to the impacts of COVID-19.

The Vancouver-based company says it expects net revenue for the three months ending May 31, to fall to between $105 million to $110 million compared with about $197 million in the same period last year.

The first quarter includes two weeks of sales before the company closed all its retail outlets on March 16, as well as a 150 per cent spike in e-commerce sales after Aritzia closed its boutiques.

For the company's fourth quarter ended March 1, Aritzia saw net revenue grow 6.3 per cent to $275.4 million compared to $259.1 million in the same quarter the previous year.

Net income totalled $21.7 million, up 16 per cent from $18.7 million in the fourth quarter of the previous year.

Adjusted net income for the quarter fell 6.6 per cent to $23.4 million or 21 cents per diluted share, compared with $25.1 million or 21 cents per diluted share at the same time last year.

MORE National ARTICLES

Vancouver police look for witnesses to hit and run

Vancouver police look for witnesses to hit and run

Vancouver Police are asking witnesses to a hit-and-run in East Vancouver on Tuesday evening to contact police. The collision resulted in serious injuries to a cyclist.

Vancouver police look for witnesses to hit and run

Car-sharing service Turo says launch into B.C. market is 'imminent'

Car-sharing service Turo says launch into B.C. market is 'imminent'

Fans of car-sharing services in British Columbia are about to get another option within weeks of the closure of two other car-share businesses in the province.

Car-sharing service Turo says launch into B.C. market is 'imminent'

New cat virus found at B.C. SPCA prompts science journal publication

New cat virus found at B.C. SPCA prompts science journal publication

The outbreak of a fast-spreading disease at the SPCA's animal centre in Vancouver has led to the discovery of a new feline virus that affected 43 cats in B.C.

New cat virus found at B.C. SPCA prompts science journal publication

Two B.C. care homes get extra help to deal with COVID-19 outbreaks

Two B.C. care homes get extra help to deal with COVID-19 outbreaks

Specialized health teams have been sent to fight COVID-19 outbreaks at two Metro Vancouver long-term care homes. The Fraser Health Authority appointed a pandemic response director on Thursday at Langley Lodge, where more than 20 people have died from the virus in recent weeks.

Two B.C. care homes get extra help to deal with COVID-19 outbreaks

B.C. takes precautions as it moves to restart in-person court hearings

B.C. takes precautions as it moves to restart in-person court hearings

Courthouses and courtrooms around British Columbia are being assessed to ensure they meet health and safety requirements as the province moves to resume in-person hearings during the COVID-19 pandemic.

B.C. takes precautions as it moves to restart in-person court hearings

Canada a series of 'regional epidemics,' top doctor says as provinces hit snags

Canada a series of 'regional epidemics,' top doctor says as provinces hit snags

Different regions face distinct challenges in emerging from COVID-19 lockdowns, Canada's top public health doctor noted Thursday as New Brunswick had to suspend its legislature, Ontario saw a jump in cases and Manitoba grappled with loosening restrictions on gatherings.

Canada a series of 'regional epidemics,' top doctor says as provinces hit snags

PrevNext