Aritzia Inc "Top 10 Questions for Management" (Buy) Serna

研报英文原文证据摘录

Aritzia Inc "Top 10 Questions for Management" (Buy) Serna

nadian UBS Cons.

consumer. How should investors think about the growth in this market in FY27? Q1E 0.94 0.88

Q2E 0.96 0.87

3. Q2 comp trajectory. How should investors think about the implied comp growth Q3E 1.41 1.40

in Q2 given ATZ will lap 21.6% comp growth in prior year? Where is 2QTD comp Q4E 1.63 1.52

growth trending relative to the Q2 comp guide? How does the shift in the timing 02/27E 4.95 4.65

of the June clientele sale to earlier in the quarter impact the Q2 comp guide? 02/28E 6.45 5.69

02/29E 7.30 6.54

4. International eCommerce scaling. International eCommerce sales grew 53% in

4Q26. With ATZ shipping to more than 130 countries, which markets are showing Mauricio Serna, CFA

the strongest traction today? At what point could international demand support Analyst

mauricio.serna@ubs.com

physical retail expansion outside North America?

+1-212-713 9028

5. FY27 gross margin puts and takes. ATZ’s FY27 outlook incorporates ~50 bps of Jay Sole

incremental tariff and de minimis headwinds, assuming a 10% baseline US tariff Analyst

and the ongoing suspension of the de minimis exemption. How is ATZ planning for jay.sole@ubs.com

potential changes to trade policies and tariff rates? How should investors think +1-212-713 3559

about puts and takes in GM% for the remainder of the year? Srikar Vinjamuri

Associate Analyst

Please find questions 6-10 inside. srikar.vinjamuri@ubs.com

+1-212-713 3448

Valuation: Our price target is $204 and our rating is Buy: link

Highlights (C$m) 02/24 02/25 02/26 02/27E 02/28E 02/29E 02/30E 02/31E

Revenues 2,332 2,738 3,702 4,661 5,361 5,871 6,410 6,980

EBIT (UBS) 190 343 586 866 1,101 1,245 1,410 1,575

Net earnings (UBS) 106 231 389 586 759 856 977 1,099