Apr/26 Sales Analysis; Growth Momentum Accelerates Into Spring

Research evidence excerpt

Apr/26 Sales Analysis; Growth Momentum Accelerates Into Spring

May 19, 2026 | 23:00 ET~

Aritzia

ATZ-TSX Rating Price: May-19 Target Total Rtn Retailing/Consumer

Outperform $134.25 $188.00 40%

Stephen MacLeod, CFA Analyst

stephen.macleod@bmo.com (416) 359-8069

Nevan Yochim, CFA VP Associate

Apr/26 Sales Analysis; Growth Momentum nevan.yochim@bmo.com (416) 359-4193

Lauren Montanari, CFA AssociateAccelerates Into Spring

lauren.montanari@bmo.com (437) 898-7486

Bottom Line: Legal Entity: BMO Nesbitt Burns Inc.

Our April 2026 web traffic, app, and in-store analysis takeaways are positive. Web

2YR Price Volume Chart

traffic growth remained strong (+29% y/y), accelerating 8% sequentially; both Canada 160

(+21%) and the U.S. (+35%) were strong. App data shows continued solid engagement 140

and Bloomberg Second Measure data shows April U.S. in-store sales remained strong 120100

(+54%). While trends can fluctuate m/m, the data indicate ongoing strong sales 80 4

momentum, supporting our top-line forecasts. We continue to believe Aritzia remains 60 2

well-positioned to execute on its significant U.S. growth opportunity, reflecting its 40 1

growing brand affinity and Everyday Luxury positioning. 20 Nov May Nov May 0

LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in C$

Dividend $0.00 Book Value $11.33Our monthly report analyzes SimilarWeb traffic and engagement metrics, app

performance data, and Bloomberg Second Measure sales trends. This version Yield 0.0% Shares O/S (mm) 114.6

covers April 2026, the second month in Aritzia's FQ1/27E. Net Debt (mm) $(592) Market Cap (mm) $15,380

Total website visits to aritzia.com (Canada and U.S.) increased 29% y/y in BMO Estimates in C$

Apr/26 (vs. +21% Mar/26; +18% Feb/26).