Aritzia has announced the company’s financial results for Q4 and full year 2020 financial results. According to the details released by the company, it had collected the net revenue to $275 million from Q4 last year. The company recorded the comparable sales growth up to 8.9%.

The gross margin of the company reached up to 37.3% as compared the previous quarter of 36.2%. The adjusted EBITDA of the company remained unchanged at $42.4 million. The net income of the company reached at $23.4 million with a decrease of 6.6 percent from the Q4 last year. The cash and cash equivalent of the company reached $117.8 million as compared to $100.9 million from the previous Q4 last year.

Chief Executive Officer and Founder of Aritzia, Brian Hill said, “Our financial results for the fourth quarter and full year fiscal 2020 demonstrated the strength of our business model and the affinity for our brand. Towards the end of February, we began to see the impact of COVID-19 on our business. Our priority since the virus’ outbreak has been the well-being of our people, our clients and supporting our community as we safeguard the long-term financial strength of our business.”

“Following the temporary closure of our 96 boutiques on March 16, 2020, we took immediate action to drive revenue in our eCommerce channel and manage expenditures to enhance our liquidity and maintain our strong financial position,” Brian Hill further added.

“We plan to have approximately 30 of our boutiques reopened by May 31, 2020, the end of the first quarter. We are still early in the reopening process and while we are encouraged by the initial results given the current environment, we expect an extended ramp to a new normal. As we look ahead, we believe we are extremely well-positioned to navigate the evolving consumer landscape with our beautiful, high quality product, deep customer loyalty and our talented team, all underpinned by our best-in-class infrastructure,” Brian Hill concluded in his statement.