The Vancouver-based clothing retailer says net sales in Q3 reached $624.6M, the highest of any quarter in the company's history From alicjawithaj
Aritzia says net sales in the third quarter reached $624.6 million, the highest of any quarter in the company's history.
Despite the strong sales momentum, Aritzia's stock slumped in early trading on Thursday. Shares of the retailer were down nearly 8 per cent as at 11:15 a.m. ET on Thursday, trading at $47.27 on the Toronto Stock Exchange. The company now expects gross margins – the amount of profit made on goods measured as a percentage – to decrease by approximately 2.5 percentage points on a year-over-year basis in the fourth quarter, due to higher warehousing costs related to inventory levels, ongoing inflationary pressures and foreign exchange headwinds.
Analysts say the strong sales momentum should outweigh concerns about higher costs and inventory levels.
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