VANCOUVER, Jan. 8, 2026
VANCOUVER, Jan. 8, 2026 /PRNewswire/ - Aritzia Inc. (TSX: ATZ) ("Aritzia", the "Company", "we" or "our"), a design house with an innovative global platform offering Everyday Luxury™ online and in its boutiques, today announced its financial results for the third quarter ended November 30, 2025 ("Q3 2026").
"We delivered record net revenue of $1.04 billion in the third quarter of Fiscal 2026, a 43% increase compared to last year. Comparable sales grew 34%, with exceptional growth in all channels and all geographies. Our performance was fueled by unparalleled demand for our Everyday LuxuryTM offering. This was driven by our digital initiatives, which included the launch of our App, our new boutique openings and our strategic marketing investments. Our impressive growth in the United States continued as net revenue increased 54%, highlighting our expanding awareness and the tremendous momentum of the Aritzia brand," said Jennifer Wong, Chief Executive Officer. "In addition, we continued to expand our margins and delivered a 55% increase in adjusted net income per diluted share."
"Our strong performance has continued into the fourth quarter, as an outstanding client response to our Winter assortment fueled record sales over the holiday period. Excellent operational execution across our three strategic growth levers - geographic expansion, digital growth and increased brand awareness - is driving sustained brand momentum and keeping Aritzia top of mind. This momentum, along with our proven operating model and healthy balance sheet, gives us confidence in our long-term goals for the business and our ability to deliver profitable growth for our shareholders," continued Ms. Wong.
Third Quarter Highlights
For Q3 2026, compared to Q3 20251:
Third Quarter Results Compared to Q3 2025
| (unaudited, in thousands of Canadian dollars, unless otherwise noted) | Q3 2026 | Q3 2025 | Change | |||
| | | % of net revenue | | % of net revenue | % | bps |
| Retail net revenue | $ 657,296 | 63.2 % | $ 486,559 | 66.8 % | 35.1 % | |
| eCommerce net revenue | 382,967 | 36.8 % | 242,142 | 33.2 % | 58.2 % | |
| Net revenue | $ 1,040,263 | 100.0 % | $ 728,701 | 100.0 % | 42.8 % | |
| | | | | | | |
| Gross profit | $ 478,909 | 46.0 % | $ 333,485 | 45.8 % | 43.6 % | 30 |
| | | | | | | |
| Selling, general and administrative ("SG&A") | $ 290,380 | 27.9 % | $ 215,649 | 29.6 % | 34.7 % | (170) |
| | | | | | | |
| Net income | $ 138,886 | 13.4 % | $ 74,068 | 10.2 % | 87.5 % | 320 |
| | | | | | | |
| Net income per diluted share | $ 1.16 | | $ 0.63 | | 84.1 % | |
| | | | | | | |
| Adjusted EBITDA2 | $ 207,625 | 20.0 % | $ 136,428 | 18.7 % | 52.2 % | 120 |
| | | | | | | |
| Adjusted Net Income2 | $ 131,199 | 12.6 % | $ 83,000 | 11.4 % | 58.1 % | 120 |
| | | | | | | |
| Adjusted Net Income per Diluted Share2 | $ 1.10 | | $ 0.71 | | 54.9 % | |
Gross profit increased 43.6% to $478.9 million, compared to $333.5 million in Q3 2025. Gross profit margin2 was 46.0%, compared to 45.8% in Q3 2025. The 30 bps increase in gross profit margin was primarily driven by leverage on fixed costs, including store occupancy costs, as well as improved markdowns and freight tailwinds, offset by the impact of additional tariffs and the elimination of the de minimis exemption.
SG&A expenses increased 34.7% to $290.4 million, compared to $215.6 million in Q3 2025. SG&A expenses were 27.9% of net revenue, compared to 29.6% in Q3 2025. The 170 bps improvement was primarily driven by expense leverage and savings from the Company's smart spending initiative.
Other income was $34.5 million, an increase of 247.6% compared to $9.9 million in Q3 2025, primarily due to higher unrealized gains on derivatives.
Net income was $138.9 million, or 13.4% of net revenue, an increase of 87.5% compared to $74.1 million, or 10.2% of net revenue, in Q3 2025, primarily attributable to the factors described above. Net income per diluted share was $1.16 per share, an increase of 84.1% compared to $0.63 per share in Q3 2025.
Adjusted EBITDA2 was $207.6 million or 20.0% of net revenue2, an increase of 52.2% compared to $136.4 million or 18.7% of net revenue in Q3 2025. Excluding $4.4 million of foreign exchange translation gains ($10.4 million in Q3 2025) on an intercompany loan, Adjusted EBITDA2 increased 61.3% to $203.3 million or 19.5% of net revenue, compared to $126.0 million or 17.3% of net revenue in Q3 2025.
Adjusted Net Income2 was $131.2 million, an increase of 58.1% compared to $83.0 million in Q3 2025. Adjusted Net Income per Diluted Share2 was $1.10 per share, an increase of 54.9% compared to $0.71 per share in Q3 2025.
Cash and cash equivalents totaled $620.5 million, compared to $207.0 million at the end of Q3 2025.
Inventory was $508.2 million, an increase of 10.0%, compared to $462.0 million at the end of Q3 2025.
Capital cash expenditures (net of proceeds from lease incentives)2 were $55.6 million, compared to $81.9 million in Q3 2025. Capital cash expenditures in Q3 2026 primarily consist of capital investments in new and repositioned boutiques and the Company's new distribution centre being constructed in British Columbia.
YTD 2026 Compared to YTD 2025
| (unaudited, in thousands of Canadian dollars, | YTD 2026 | YTD 2025 | Change | |||
| | | % of net revenue | | % of net revenue | % | bps |
| Retail net revenue | $ 1,709,319 | 67.9 % | $ 1,270,023 | 68.9 % | 34.6 % | |
| eCommerce net revenue | 806,314 | 32.1 % | 572,971 | 31.1 % | 40.7 % | |
| Net revenue | $ 2,515,633 | 100.0 % | $ 1,842,994 | 100.0 % | 36.5 % | |
| | | | | | | |
| Gross profit | $ 1,147,336 | 45.6 % | $ 800,515 | 43.4 % | 43.3 % | 220 |
| | | | | | | |
| SG&A | $ 763,076 | 30.3 % | $ 591,441 | 32.1 % | 29.0 % | (180) |
| | | | | | | |
| Net income | $ 247,578 | 9.8 % | $ 108,148 | 5.9 % | 128.9 % | 400 |
| | | | | | | |
| Net income per diluted share | $ 2.08 | | $ 0.93 | | 123.7 % | |
| | | | | | | |
| Adjusted EBITDA2 | $ 425,679 | 16.9 % | $ 245,472 | 13.3 % | 73.4 % | 360 |
| | | | | | | |
| Adjusted Net Income2 | $ 250,351 | 10.0 % | $ 132,524 | 7.2 % | 88.9 % | 280 |
| | | | | | | |
| Adjusted Net Income per Diluted Share2 | $ 2.10 | | $ 1.14 | | 84.2 % | |
| | | | | | | |
Gross profit increased 43.3% to $1.15 billion, compared to $800.5 million in YTD 2025. Gross profit margin2 was 45.6% compared to 43.4% in YTD 2025. The 220 bps increase in gross profit margin was primarily driven by leverage on store occupancy costs, IMU improvements, lower warehousing costs and savings from the Company's smart spending initiative, and improved markdowns, partially offset by the impact of additional tariffs and the elimination of the de minimis exemption.
SG&A expenses increased 29.0% to $763.1 million, compared to $591.4 million in YTD 2025. SG&A expenses were 30.3% of net revenue compared to 32.1% in YTD 2025. The 180 bps improvement was primarily driven by expense leverage and savings from the Company's smart spending initiative.
Other income was $39.2 million, an increase of 154.5% compared to $15.4 million in YTD 2025, primarily due to higher unrealized gains on derivatives .
Net income was $247.6 million, or 9.8% of net revenue, an increase of 128.9% compared to $108.1 million, or 5.9% of net revenue, in YTD 2025, primarily attributable to the factors described above. Net income per diluted share was $2.08 per share, an increase of 123.7%, compared to $0.93 per share in YTD 2025.
Adjusted EBITDA2 was $425.7 million, or 16.9% of net revenue, an increase of 73.4%, compared to $245.5 million, or 13.3% of net revenue in YTD 2025. Excluding $7.0 million of foreign exchange translation losses ($8.5 million gain in YTD 2025) on an intercompany loan, Adjusted EBITDA2 increased 82.6% to $432.7 million or 17.2% of net revenue, compared to $237.0 million or 12.9% of net revenue in YTD 2025.
Adjusted Net Income2 was $250.4 million, an increase of 88.9%, compared to $132.5 million in YTD 2025. Adjusted Net Income per Diluted Share2 was $2.10 per share, an increase of 84.2%, compared to $1.14 per share in YTD 2025.
Capital cash expenditures (net of proceeds from lease incentives)2 were $167.5 million, compared to $187.2 million in YTD 2025. Capital cash expenditures in YTD 2026 primarily consist of capital investments in new and repositioned boutiques and the Company's new distribution centre being constructed in British Columbia.
Outlook
Aritzia expects the following for the fourth quarter of Fiscal 2026:
Based on quarter-to-date trends, Aritzia expects net revenue in the range of $1.100 billion to $1.125 billion, representing growth of approximately 23% to 26%. The Company expects gross profit margin to be approximately flat to up 50 bps and SG&A as a percentage of net revenue to be approximately flat to down 50 bps for the fourth quarter of Fiscal 2026 compared to the fourth quarter of Fiscal 2025.
Aritzia expects the following for Fiscal 2026:
The foregoing outlook is based on management's current strategies and may be considered forward-looking information under applicable securities laws. Such outlook is based on estimates and assumptions made by management regarding, among other things, general economic and geopolitical conditions and the competitive environment. This outlook is intended to provide readers management's projections for the Company as of the date of this press release. Readers are cautioned that actual results may vary materially from this outlook and that the information in the outlook may not be appropriate for other purposes. See also the "Forward-Looking Information" section of this press release and the "Forward-Looking Information" and "Risk Factors" sections of our Management's Discussion & Analysis for the third quarter of Fiscal 2026 dated January 8, 2026 (the "Q3 2026 MD&A") and the Company's annual information form for Fiscal 2025 dated May 1, 2025 (the "Fiscal 2025 AIF").
In addition, a discussion of the Company's long-term financial plan is contained in the Company's press release dated October 27, 2022, "Aritzia Presents its Fiscal 2027 Strategic and Financial Plan, Powering Stronger". See also the Company's press release dated May 1, 2025, "Aritzia Reports Fourth Quarter and Fiscal 2025 Financial Results" and press release dated October 9, 2025, "Aritzia Reports Second Quarter Fiscal 2026 Financial Results" for updates to such discussion. These press releases are available on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.com and on our website at investors.aritzia.com.
Normal Course Issuer Bid ("NCIB")
On May 5, 2025, the Company announced that the Toronto Stock Exchange ("TSX") approved the Company's normal course issuer bid (the "2025 NCIB") which allows the Company to repurchase and cancel up to 4,226,994 of its subordinate voting shares, representing approximately 5% of the public float of 84,539,881 subordinate voting shares as at April 30, 2025, over the twelve-month period commencing May 7, 2025 and ending May 6, 2026. On May 27, 2025, the Company also announced it had entered into an automatic share purchase plan (the "2025 ASPP"), with its designated broker, which commenced immediately and will terminate upon the expiry of the 2025 NCIB unless terminated earlier in accordance with the terms of the 2025 ASPP.
During the 39-week period ended November 30, 2025, the Company repurchased a total of 473,700 subordinate voting shares for cancellation under the 2025 NCIB at an average price of $87.10 per subordinate voting share for total cash consideration of $41.3 million (including commissions).
Conference Call Details
A conference call to discuss the Company's third quarter results is scheduled for Thursday, January 8, 2026, at 1:30 p.m. PT / 4:30 p.m. ET. To participate, please dial 1-833-821-0201 (North America toll-free) or 1-647-846-2331 (Toronto and overseas long-distance). The call is also accessible via webcast at https://investors.aritzia.com/events-and-presentations/. A recording will be available shortly after the conclusion of the call. To access the replay, please dial 1-855-669-9658 (North America toll-free) or 1-412-317-0088 (overseas long-distance) and the replay access code 1888828. An archive of the webcast will be available on Aritzia's website.
About Aritzia
Aritzia is a design house with an innovative global platform. We are creators and purveyors of Everyday Luxury™, home to an extensive portfolio of exclusive brands for every function and individual aesthetic. We're about good design, quality materials and timeless style — all with the wellbeing of our People and Planet in mind.
Founded in 1984 in Vancouver, Canada, we pride ourselves on creating immersive, highly personalized shopping experiences at aritzia.com and in our 140 boutiques6 throughout North America — for everyone, everywhere.
Our Approach
Aritzia means style, not trend, and quality over everything. We treat each in-house label as its own atelier, united by premium fabrics, meticulous construction and an of-the-moment point of view. We handpick fabrics from the world's best mills for their feel, function and ability to last. We obsess over proportion, fit and that just-right silhouette. From hand-painted prints to the art of pocket placement, our innovative design studio considers and reconsiders each detail to create essentials you'll reach for again, and again, and again.
Everyday Luxury. To Elevate Your World.™
Comparable Sales
Comparable sales is a retail industry metric used to explain our total combined revenue growth (decline) (in absolute dollars or percentage terms) in eCommerce and established boutiques over the comparative reportable period.
Non-IFRS Financial Measures and Retail Industry Metrics
This press release makes reference to certain non-IFRS Accounting Standards measures ("non-IFRS financial measures") and certain retail industry metrics. These measures are not recognized measures under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), do not have a standardized meaning prescribed by IFRS Accounting Standards, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS Accounting Standards measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS Accounting Standards. We use non-IFRS financial measures including "EBITDA", "Adjusted EBITDA", and "Adjusted Net Income"; non-IFRS Accounting Standards ratios ("non-IFRS ratios") including "Adjusted Net Income per Diluted Share", "Adjusted EBITDA as a percentage of net revenue", and "Adjusted Net Income as a percentage of net revenue"; and capital management measures including "capital cash expenditures (net of proceeds from lease incentives)" and "free cash flow." This press release also makes reference to "gross profit margin", "comparable sales" and "constant currency" which are commonly used operating metrics in the retail industry but may be calculated differently by other retailers. Gross profit margin, comparable sales and constant currency are considered supplementary financial measures under applicable securities laws. These non-IFRS financial measures and retail industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures and retail industry metrics in the evaluation of issuers. Our management also uses non-IFRS financial measures and retail industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. Certain information about non-IFRS financial measures, non-IFRS ratios, capital management measures and supplementary financial measures is found in the Q3 2026 MD&A and is incorporated by reference. This information is found in the sections entitled "How We Assess the Performance of our Business", "Non-IFRS Financial Measures and Retail Industry Metrics" and "Selected Financial Information" of the Q3 2026 MD&A which is available under the Company's profile on SEDAR+ at www.sedarplus.com. Reconciliations for each non-IFRS financial measure can be found in this press release under the heading "Selected Financial Information".
Forward-Looking Information
Certain statements made in this document may constitute forward-looking information under applicable securities laws. Statements containing forward-looking information are neither historical facts nor assurances of future performance, but instead, provide insights regarding management's current expectations and plans and allows investors and others to better understand the Company's anticipated business strategy, financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Although the Company believes that the forward-looking statements are based on information, assumptions and beliefs that are current, reasonable, and complete, such information is necessarily subject to a number of business, economic, competitive and other risk factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information.
Specific forward-looking information in this document include, but are not limited to, statements relating to:
Particularly, information regarding our expectations of future results, targets, performance achievements, intentions, prospects, opportunities or other characterizations of future events or developments or the markets in which we operate is forward-looking information. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "believes", or positive or negative variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur", "continue", or "be achieved".
Forward-looking statements are based on information currently available to management and on estimates and assumptions, including assumptions about future economic conditions and courses of action. Examples of material estimates and assumptions and beliefs made by management in preparing such forward looking statements include, but are not limited to:
In addition to the assumptions noted above, specific assumptions in support of our Fiscal 2026 outlook include:
Given the current challenging operating environment, there can be no assurances regarding: (a) the macroeconomic impacts on Aritzia's business, operations, labour force, supply chain performance and growth strategies; (b) Aritzia's ability to mitigate such impacts, including ongoing measures to enhance short-term liquidity, contain costs and safeguard the business; (c) general economic conditions and impacts to consumer discretionary spending and shopping habits (including impacts from changes to interest rate environments); (d) credit, market, currency, commodity market, inflation, interest rates, global supply chains, operational, and liquidity risks generally; (e) geopolitical events including the imposition of any new, or any material changes to applicable duties, tariffs and trade restrictions or similar measures (and any retaliatory measures); (f) public health related limitations or restrictions that may be placed on servicing our clients or the duration of any such limitations or restrictions; and (g) other risks inherent to Aritzia's business and/or factors beyond its control which could have a material adverse effect on the Company.
Many factors could cause our actual results, performance, achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of our Q3 2026 MD&A, and the Company's Fiscal 2025 AIF which are incorporated by reference into this document. A copy of the Q3 2026 MD&A and the Fiscal 2025 AIF and the Company's other publicly filed documents can be accessed under the Company's profile on SEDAR+ at www.sedarplus.com.
The Company cautions that the foregoing list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its results. We operate in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for management to predict all risks, nor assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this document represents our expectations as of the date of this document (or as of the date they are otherwise stated to be made) and are subject to change after such date. We disclaim any intention, obligation or undertaking to update or revise any forward-looking information, whether written or oral, as a result of new information, future events or otherwise, except as required under applicable securities laws.
Footnotes
Note: calculated figures in financial tables may not add up precisely due to rounding.
Selected Financial Information
CONSOLIDATED STATEMENTS OF OPERATIONS
| (unaudited, in thousands of Canadian dollars, | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | ||||
| | | % of net revenue | | % of net revenue | | % of net revenue | | % of net revenue |
| Net revenue | $ 1,040,263 | 100.0 % | $ 728,701 | 100.0 % | $ 2,515,633 | 100.0 % | $ 1,842,994 | 100.0 % |
| Cost of goods sold | 561,354 | 54.0 % | 395,216 | 54.2 % | 1,368,297 | 54.4 % | 1,042,479 | 56.6 % |
| | | | | | | | | |
| Gross profit | 478,909 | 46.0 % | 333,485 | 45.8 % | 1,147,336 | 45.6 % | 800,515 | 43.4 % |
| | | | | | | | | |
| Selling, general and administrative | 290,380 | 27.9 % | 215,649 | 29.6 % | 763,076 | 30.3 % | 591,441 | 32.1 % |
| Stock-based compensation expense | 18,880 | 1.8 % | 10,244 | 1.4 % | 43,226 | 1.7 % | 30,997 | 1.7 % |
| | | | | | | | | |
| Income from operations | 169,649 | 16.3 % | 107,592 | 14.8 % | 341,034 | 13.6 % | 178,077 | 9.7 % |
| Finance expense | 14,769 | 1.4 % | 12,750 | 1.7 % | 41,402 | 1.6 % | 38,173 | 2.1 % |
| Other expense (income) | (34,478) | (3.3) % | (9,918) | (1.4) % | (39,222) | (1.6) % | (15,409) | (0.8) % |
| | | | | | | | | |
| Income before income taxes | 189,358 | 18.2 % | 104,760 | 14.4 % | 338,854 | 13.5 % | 155,313 | 8.4 % |
| Income tax expense | 50,472 | 4.9 % | 30,692 | 4.2 % | 91,276 | 3.6 % | 47,165 | 2.6 % |
| | | | | | | | | |
| Net income | $ 138,886 | 13.4 % | $ 74,068 | 10.2 % | $ 247,578 | 9.8 % | $ 108,148 | 5.9 % |
| | | | | | | | | |
| Other Performance Measures: | | | | | | | | |
| Year-over-year net revenue growth | 42.8 % | | 11.5 % | | 36.5 % | | 11.7 % | |
| Comparable sales1,2 growth | 34.3 % | | 6.6 % | | 25.9 % | | 5.3 % | |
| Capital cash expenditures (net of proceeds from lease incentives)2 | $ (55,627) | | $ (81,948) | | $ (167,521) | | $ (187,175) | |
| Free cash flow2 | $ 286,339 | | $ 103,996 | | $ 373,347 | | $ 30,000 | |
| (unaudited, in thousands of Canadian dollars) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| | | | | |
| United States net revenue | $ 621,079 | $ 403,720 | $ 1,520,155 | $ 1,033,776 |
| Canada net revenue | 419,184 | 324,981 | 995,478 | 809,218 |
| | | | | |
| Net revenue | $ 1,040,263 | $ 728,701 | $ 2,515,633 | $ 1,842,994 |
CONSOLIDATED CASH FLOWS
| (unaudited, in thousands of Canadian dollars) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| | | | | |
| Net cash generated from (used in) operating activities | $ 357,136 | $ 214,867 | $ 602,579 | $ 297,161 |
| Net cash generated from (used in) financing activities | (25,040) | (28,170) | (73,675) | (56,731) |
| Cash generated from (used in) investing activities | (66,326) | (85,507) | (194,121) | (197,584) |
| Effect of exchange rate changes on cash and cash equivalents | 2,382 | 1,834 | 83 | 884 |
| | | | | |
| Change in cash and cash equivalents | $ 268,152 | $ 103,024 | $ 334,866 | $ 43,730 |
RECONCILIATION OF NET INCOME TO EBITDA, ADJUSTED EBITDA AND ADJUSTED NET INCOME
| (unaudited, in thousands of Canadian dollars, unless otherwise noted) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| Reconciliation of Net Income to EBITDA and Adjusted EBITDA: | | | | |
| Net income | $ 138,886 | $ 74,068 | $ 247,578 | $ 108,148 |
| Depreciation and amortization | 27,571 | 20,275 | 80,567 | 59,052 |
| Depreciation on right-of-use assets | 26,534 | 26,459 | 75,163 | 79,690 |
| Finance expense | 14,769 | 12,750 | 41,402 | 38,173 |
| Income tax expense | 50,472 | 30,692 | 91,276 | 47,165 |
| | | | | |
| EBITDA | 258,232 | 164,244 | 535,986 | 332,228 |
| | | | | |
| Adjustments to EBITDA: | | | | |
| Stock-based compensation expense | 18,880 | 10,244 | 43,226 | 30,997 |
| Rent impact from IFRS 16, Leases3 | (40,297) | (37,634) | (113,769) | (114,111) |
| Unrealized loss (gain) on equity derivative contracts | (23,190) | (292) | (33,982) | (6,129) |
| CYC Design Corporation ("CYC") integration costs and other | (6,000) | (134) | (5,782) | 2,487 |
| | | | | |
| Adjusted EBITDA | $ 207,625 | $ 136,428 | $ 425,679 | $ 245,472 |
| Adjusted EBITDA as a percentage of net revenue | 20.0 % | 18.7 % | 16.9 % | 13.3 % |
| | | | | |
| Net income | $ 138,886 | $ 74,068 | $ 247,578 | $ 108,148 |
| Adjustments to net income: | | | | |
| Stock-based compensation expense | 18,880 | 10,244 | 43,226 | 30,997 |
| Unrealized loss (gain) on equity derivative contracts | (23,190) | (292) | (33,982) | (6,129) |
| CYC integration costs and other | (6,000) | (134) | (5,782) | 2,487 |
| Related tax effects | 2,623 | (886) | (689) | (2,979) |
| Adjusted Net Income | $ 131,199 | $ 83,000 | $ 250,351 | $ 132,524 |
| Adjusted Net Income as a percentage of net revenue | 12.6 % | 11.4 % | 10.0 % | 7.2 % |
| Weighted average number of diluted shares outstanding (thousands) | 119,740 | 116,836 | 119,127 | 115,860 |
| Adjusted Net Income per Diluted Share | $ 1.10 | $ 0.71 | $ 2.10 | $ 1.14 |
RECONCILIATION OF COMPARABLE SALES TO NET REVENUE
| (unaudited, in thousands of Canadian dollars) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| Comparable sales | $ 883,699 | $ 660,120 | $ 2,120,162 | $ 1,662,152 |
| Non-comparable sales | 156,564 | 68,581 | 395,471 | 180,842 |
| | | | | |
| Net revenue | $ 1,040,263 | $ 728,701 | $ 2,515,633 | $ 1,842,994 |
RECONCILIATION OF CONSTANT CURRENCY TO NET REVENUE
| (unaudited, in thousands of Canadian dollars) | Q3 2026 | Q3 2025 | % change | YTD 2026 | YTD 2025 | % change |
| Constant currency net revenue | $ 1,031,836 | $ 728,701 | 41.6 % | $ 2,493,827 | $ 1,842,994 | 35.3 % |
| Foreign exchange impact | 8,427 | — | | 21,806 | — | |
| | | | | | | |
| Net revenue | $ 1,040,263 | $ 728,701 | 42.8 % | $ 2,515,633 | $ 1,842,994 | 36.5 % |
| | | | | | | |
| (unaudited, in thousands of Canadian dollars) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| Cash generated from (used in) investing activities | $ (66,326) | $ (85,507) | $ (194,121) | $ (197,584) |
| Proceeds from lease incentives | 10,699 | 3,559 | 26,600 | 10,409 |
| | | | | |
| Capital cash expenditures (net of proceeds from lease incentives) | $ (55,627) | $ (81,948) | $ (167,521) | $ (187,175) |
RECONCILIATION OF NET CASH GENERATED FROM (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW
| (unaudited, in thousands of Canadian dollars) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| Net cash generated from (used in) operating activities | $ 357,136 | $ 214,867 | $ 602,579 | $ 297,161 |
| Interest paid | 852 | 1,431 | 2,491 | 3,086 |
| Repayments of principal on lease liabilities | (16,022) | (30,354) | (64,202) | (83,072) |
| Capital cash expenditures (net of proceeds from lease incentives) | (55,627) | (81,948) | (167,521) | (187,175) |
| | | | | |
| Free cash flow | $ 286,339 | $ 103,996 | $ 373,347 | $ 30,000 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| (interim periods unaudited, in thousands of Canadian dollars) | As at November 30, 2025 | As at March 2, 2025 | As at December 1, 2024 |
| Assets | | | |
| | | | |
| Cash and cash equivalents | $ 620,501 | $ 285,635 | $ 207,007 |
| Accounts receivable | 37,346 | 26,311 | 21,379 |
| Income taxes recoverable | 2,111 | 4,342 | 7,191 |
| Inventory | 508,196 | 379,316 | 461,990 |
| Prepaid expenses and other current assets | 112,815 | 61,239 | 52,410 |
| Total current assets | 1,280,969 | 756,843 | 749,977 |
| Property and equipment | 773,546 | 656,966 | 617,458 |
| Intangible assets | 105,200 | 104,221 | 89,385 |
| Goodwill | 198,846 | 198,846 | 198,846 |
| Right-of-use assets | 783,951 | 722,558 | 707,214 |
| Other assets | 3,992 | 11,564 | 6,131 |
| Deferred tax assets | 24,182 | 4,816 | 16,169 |
| | | | |
| Total assets | $ 3,170,686 | $ 2,455,814 | $ 2,385,180 |
| | | | |
| Liabilities | | | |
| | | | |
| Accounts payable and accrued liabilities | $ 566,091 | $ 293,412 | $ 366,397 |
| Income taxes payable | 41,540 | 12,983 | 2,096 |
| Current portion of lease liabilities | 116,576 | 107,755 | 88,718 |
| Deferred revenue | 166,955 | 111,158 | 136,955 |
| Total current liabilities | 891,162 | 525,308 | 594,166 |
| Lease liabilities | 922,531 | 811,468 | 806,092 |
| Other non-current liabilities | 3,704 | 3,829 | 4,843 |
| Deferred tax liabilities | 11,133 | 20,626 | 23,157 |
| Total liabilities | 1,828,530 | 1,361,231 | 1,428,258 |
| | | | |
| Shareholders' equity | | | |
| Share capital | 430,462 | 383,482 | 346,165 |
| Contributed surplus | 114,962 | 101,568 | 103,957 |
| Retained earnings | 800,233 | 609,695 | 510,053 |
| Accumulated other comprehensive loss | (3,501) | (162) | (3,253) |
| Total shareholders' equity | 1,342,156 | 1,094,583 | 956,922 |
| | | | |
| Total liabilities and shareholders' equity | $ 3,170,686 | $ 2,455,814 | $ 2,385,180 |
BOUTIQUE COUNT SUMMARY4
| | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| | | | | |
| Number of boutiques, beginning of period | 134 | 122 | 130 | 119 |
| New boutiques | 5 | 5 | 9 | 8 |
| | | | | |
| Number of boutiques, end of period | 139 | 127 | 139 | 127 |
| Repositioned boutiques | 1 | 1 | 3 | 2 |
FOOTNOTES TO SELECTED FINANCIAL INFORMATION
________________________________________________________
1. Please see the "Comparable Sales" section above for more details.
2. Please see the "Non-IFRS Financial Measures and Retail Industry Metrics" section above for more details.
3. Rent Impact from IFRS 16, Leases
| (unaudited, in thousands of Canadian dollars) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 |
| | | | | |
| Depreciation of right-of-use assets, excluding fair value adjustments | $ (26,534) | $ (26,392) | $ (75,163) | $ (79,251) |
| Interest expense on lease liabilities | (13,763) | (11,242) | (38,606) | (34,860) |
| | | | | |
| Rent impact from IFRS 16, leases | $ (40,297) | $ (37,634) | $ (113,769) | $ (114,111) |
4. There were three Reigning Champ boutiques as at November 30, 2025 (four Reigning Champ boutiques as at December 1, 2024), which are excluded from the boutique count. There was one Aritzia boutique closure under the TNA banner in Fiscal 2025.
Note: calculated figures in financial tables may not add up precisely due to rounding.
View original content to download multimedia:https://www.prnewswire.com/news-releases/aritzia-reports-third-quarter-fiscal-2026-financial-results-302656840.html
SOURCE Aritzia Inc.

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