Aritzia targets up to $10.5bn in revenue in five-year plan

Aritzia has set a goal of generating between $9.5 billion and $10.5 billion in net revenue by fiscal 2032, a plan the Vancouver-based retailer laid out at its investor day in New York on Tuesday. That implies a compound annual growth rate of 15 to 17 percent.

The top end of the range would mean roughly tripling the business from the just over $3.7 billion Aritzia booked in the year ended March 1, 2026, itself up from $2.74 billion the year before. Digital is meant to do much of the heavier lifting.

North American digital net revenue is targeted at about $4.1 billion to $4.5 billion, or around 20 percent compound annual growth. Adjusted EBITDA is projected to reach 21 percent of net revenue by 2032, which Aritzia called an expansion of 100 basis points.

Earnings per share are expected to grow faster than revenue over the period. The company's fiscal 2032 closes on February 29, 2032. Chief executive Jennifer Wong framed the agenda as building on momentum already in the business.

The store engine behind it

Aritzia wants to reach 220 stores by fiscal 2032, driven by 12 to 14 new boutique openings a year in the United States. The company said it would pursue premier real estate and widen its geographic reach beyond the U.S. and Canada as part of that push.

"Our United States business is delivering exceptional results and will remain our primary growth market through fiscal 2032, with substantial runway still ahead," Wong said. Founded in 1984, Aritzia now runs 146 North American stores averaging about 10,000 square feet.

Flagship sites run at least 20,000 square feet. Alongside new openings the agenda calls for five to seven repositions a year and mid-teens compound annual growth in retail square footage. The retailer also aims to double its client base over the five years.

Capital cash expenditures, net of proceeds from lease incentives, are put at roughly $2 billion over the period. Aritzia has projects under way in distribution centres, technology, AI, merchandise planning software, customer initiatives and radio frequency identification, or RFID.

The everyday luxury pitch

Wong said the company would "begin taking an important step toward our long-term ambition of becoming famous around the world." She credited Aritzia's "much-loved 'Everyday Luxury' experience" for positioning the retailer to sustain profitable growth and deliver value for shareholders.

That tag line refers to Aritzia's niche selling elevated wardrobe essentials at attainable, non-designer prices. The company designs its own women's apparel and accessories, and sells a collection it describes as broad and multigenerational, catering to different lifestyles.

On the digital side, Wong has flagged embedding AI into how teams work and support clients, website enhancements, new mobile app features, sharper digital marketing and a better omnichannel infrastructure. Half of free cash flow is expected to return to shareholders through about $2 billion of buybacks.

The growth ambitions follow results that made them credible: in the second quarter ended August 30, net revenue rose 44.1 percent to $1.17 billion while comparable sales climbed 34.5 percent. Net income increased 204.2 percent to $201.7 million, helped by $97.4 million in tariff refunds.

We covered that quarter when the stock jumped 21 percent and Aritzia lifted its full-year outlook while detailing the infrastructure and store plan behind its push past 200 US boutiques. It was a fast start to a plan now stretched across five years.

We also reported that the company planned this investor day, alongside a four-level Vancouver flagship coming to a former Nordstrom site in 2027. That store falls within the 220-store ambition announced on Tuesday and adds a Canadian showpiece to a U.S.-led expansion.

Aritzia's goals rest on steady store openings, growing the digital business, adding categories to the assortment, expanding beyond its current U.S. and Canadian footprint, and rising brand awareness. The company said the plan is built on "proven growth levers" behind its recent success.

Wong told investors the five-year plan builds on "tremendous momentum in our business." Executives were due to provide further details on the agenda at the New York conference on Tuesday, where the company laid out the roadmap.

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Images: Courtesy of Aritzia; Aritzia