People like to joke about how “nature is healing” with certain examples amid the COVID-19 pandemic.
But some areas of life are, apparently, healing, including some retail businesses emerging from COVID-19 lockdowns and restrictions.
Aritzia Inc., which operates a big store in Burnaby’s biggest mall, Metropolis at Metrotown, says it swung to a $17.9-million profit in the first quarter as revenues more than doubled from a year ago despite a majority of its Canadian stores being closed.
The Vancouver-based clothing retailer says its profit for the three months ended May 30 compared with a $26.5-million loss in the prior year near the start of the COVID-19 pandemic.
That’s a big jump and good news for local retailers who have struggled through the pandemic as people stayed home. Metropolis has seen a series of store closures in the past year, including Microsoft, Frank & Oak, Pink and more, with Disney and Boys’Co. also also announcing they will be pulling out of the mall at some point.
Adjusted profits rose to $21.7 million or 19 cents per diluted share, from a loss of $24.9 million or 23 cents per share in the first quarter of fiscal 2021.
"We are emerging from the pandemic confident in our ability to consistently deliver profitable growth given the momentum in our business, led by the continued acceleration of sales in the United States and sustained growth in our e-commerce business," stated founder, CEO and chairman Brian Hill.
Revenues were $246.9 million, up from $111.4 million to start the last fiscal year and $196.7 million in the first quarter of fiscal 2020.
Aritzia was expected to report 21 cents per share in adjusted profits on nearly $235 million of revenues, according to financial data firm Refinitiv.
E-commerce revenues increased 19 per cent to $104 million on top of the 125 per cent increase a year ago.
U.S. net revenues more than tripled in the quarter to $114.3 million.
The company said 34 of its 102 boutiques were closed for about two-thirds of the quarter while open stores in Canada operated under capacity restrictions.
- With additional reporting by the Canadian Press
