Aritzia Inc. (ATZ.TO): 1Q27 Review: Comp and Canada doubts answered; guidance leaves room for upside - raising estimates and PT to $189

研报英文原文证据摘录

Aritzia Inc. (ATZ.TO): 1Q27 Review: Comp and Canada doubts answered; guidance leaves room for upside - raising estimates and PT to $189

Equity Research

9 July 2026 | 11:48PM EDT

Aritzia Inc. (ATZ.TO): 1Q27 Review: Comp and Canada doubts answered;

guidance leaves room for upside - raising estimates and PT to $189

What happened: We believe ATZ’s 1Q27 results settled what had been a growing Jon Keypour

+1(212)934-0334 |

debate into the quarter around the business’ ability to maintain momentum and jon.keypour@gs.com

Goldman Sachs & Co. LLC

comp the comp, especially in Canada. The quarter’s +35% surprised by +380bps vs

Kareem Elbadrawi

our forecast (and +500bps vs guide), marking a sequentially flat 2yr stack, and +1(212)902-7320 |

seemingly driven by 20%+ comps in Canada which implies low-to-mid 40% comps in kareem.elbadrawi@gs.comGoldman Sachs & Co. LLC

the US.

Why it matters: In our opinion, the continuation of a trend that began six quarters

ago in 4Q24 should be enough to reassure previously cautious investors that the

magnitude and quality of topline growth is holding steady. 1Q’s broad-based growth

makes the slight moderation to the 2yr stack implied by a high-20s comp guide for

2Q easier to accept, and we are confident in ATZ’s ability to achieve if not

moderately exceed this target given the momentum we see in web traffic and credit

card sales early in the quarter. Likewise, the continued moderation in the stack

implied by comp expectations for mid-teens growth in 2H and low-20s growth at the

high end for FY27 appear easily achievable, with tailwinds from traffic, IMU, and an

online business performing strongly fueling the growth.

What’s incremental: ATZ’s full-year guidance leaves room for upside to both sales

and margin in our opinion.