Aritzia Stock Earnings Reports

Aritzia reported a strong Q2 FY2026, materially beating its July outlook with net revenue of $812M (+32% YoY) and comps up 22% driven by broad-based strength across channels and geographies. Retail rose 34% (benefitting from a 25% increase in square footage and high-teens comps in existing boutiques) and e-commerce grew 26% (U.S. site traffic up ~50%). U.S. net revenue was a standout, up 41%, driven by new/repositioned boutiques and marketing; management sees a long runway in the U.S. with only 68 boutiques today and a long-term opportunity of ~180–200. Inventory is well positioned ($527M, +9% YoY). Operational initiatives include an expanded Ohio DC (to absorb U.S. fulfillment after de minimis removal), a new international e-commerce platform (early results ahead of expectations), and a mobile app launching this month. Gross margin expanded (GP margin 43.8%, +360 bps) despite tariff and de minimis headwinds; adjusted EBITDA margin improved ~610 bps to 15.1%. Management increased FY26 revenue guidance to $3.30–3.35B (+21–22%) and Q3 revenue to $875–900M (+20–24%), kept FY26 adjusted EBITDA margin guidance at 15.5–16.5% (noting tariffs/de minimis create ~280 bps of headwind; excluding those pressures the business would be tracking ~18–19%). Balance sheet remains strong: ~$352M cash, no debt, $0 drawn on a $300M revolver. Share repurchases are underway to offset dilution (targeting ~1M shares this year). Key investor takeaways: durable product strength and customer acquisition, highly productive boutique expansion, accelerating U.S. opportunity, disciplined margin management given tariff pressures, strong liquidity, and continued strategic investments in digital and retail.