By Canadian Press

Artizia sees $6M net loss in Q2, CEO says results ‘do not meet our high standards’

Sep 28, 2023 | 1:42 PM

VANCOUVER — Aritzia Inc. says it incurred an almost $6 million net loss in its latest quarter as its chief executive admitted the financial results do not meet its “high standards.”

The Vancouver apparel company says the net loss in the second quarter compared with a net income of $46 million during the same period the year before.

Aritzia’s net loss amounted to five cents per diluted share for the period ended Aug. 27 compared with a net income of 40 cents per diluted share a year earlier.

On an adjusted basis, its net income totalled $3.4 million compared with $50.6 million a year prior.

Chief executive Jennifer Wong says the quarter was hampered by the company missing opportunities in its product assortment and a more difficult consumer environment.

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However, she says the company’s performance was better than expected as it managed to eke out $534.2 million in net revenue, up from $525.5 million a year ago.

This report by The Canadian Press was first published Sept. 28, 2023.

Companies in this story: (TSX:ATZ)

The Canadian Press