Aritzia Inc.'s stock was up roughly 20 per cent in morning trading as the market responded to the company's latest earnings. An Aritzia store is seen Tuesday, July 13, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
VANCOUVER – Aritzia Inc.’s stock was up roughly 20 per cent in morning trading as the market responded to the company’s latest earnings and several analysts upgraded their rating on the company.
The Vancouver-based retailer’s stock price rose $5.35, hitting $31.81.
The spike came on the heels of Aritzia’s latest financial results, which showed the company’s net income dropped by 39 per cent to $43.1 million.
Net revenue for its third quarter reached $653.5 million, up from $624.6 million a year earlier.
The company says the quarter was impacted by higher markdowns it rolled out to optimize its inventory levels and pre-opening lease amortization costs it incurred for a number of new flagship boutiques.
The markdowns and costs were offset by lower warehousing and freight expenses.
This report by The Canadian Press was first published Jan. 11, 2024.
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