February 28th, 2024

Aritzia stock jumps nearly 21% following latest financial results

By The Canadian Press on January 11, 2024.

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 rose almost 21 per cent on Thursday as the market responded to the company’s latest earnings and several analysts upgraded their rating on the company.

Shares in the Vancouver-based retailer closed $5.55 higher at $32.01.

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.

Companies in this story: (TSX:ATZ)

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