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Aritzia continues sales growth streak, reports nearly 32% jump in income

VANCOUVER — Aritzia Inc. continued its sales growth streak in its most recent quarter as the clothing retailer’s net income jumped nearly 32 per cent.

The Vancouver-based company says it achieved its nineteenth straight quarter of comparable sales growth, a key retail metric, with a 7.9 per cent jump for the 13 weeks ending June 2.

Its net income increased 31.5 per cent to $16.2 million for the first quarter of its 2020 financial year compared to $12.3 million in the same quarter the previous year.

Aritzia’s adjusted net income moved up 21.3 per cent to $18.5 million from $15.2 million or to 17 cents per share from 13 cents per share .

Net revenue increased 17.8 per cent to $196.7 million from $167 million, while gross profit rose 26.7 per cent to $85.6 million for the quarter.

CEO Brian Hill says in a statement that momentum in the company’s U.S. business is continuing.

The Canadian Press