VANCOUVER, March 16, 2020 /CNW/ - Aritzia Inc. ("Aritzia" or "the Company") (TSX: ATZ), a vertically integrated, innovative design house of exclusive fashion brands, announced updates to its business operations.
In response to the evolving COVID-19 pandemic, Aritzia will be closing all of its retail locations until further notice as of Monday, March 16th, 2020.
"Our goal is to do our part for the global well-being. As we navigate this complex and challenging landscape, we feel this is the best decision for our people, our clients, our partners and our community as a whole," said Brian Hill, Founder, Chief Executive Officer and Chairman.
"Aritzia is committed to ensuring the financial continuity of both our internal team and the employees of our overseas partners impacted by COVID-19. All of Aritzia's profits, while we get through this challenging time, will go to the Aritzia CommunityTM Relief Fund to pay our people and support their families. Let's continue to take care of each other," continued Mr. Hill.
Clients will be able to continue shopping Aritzia's Everyday Luxury offering through aritzia.com for the time being. Aritzia is significantly increasing precautionary measures to ensure the well-being of its Concierge and Distribution Centre employees. Effective immediately, the Company will also shift all Support Office employees to flexible working arrangements.
Despite near-term uncertainties, Aritzia's management team remains confident in the fundamentals of the Company's business model and long-term growth opportunities. Aritzia will provide an update on the operational and financial impacts of COVID-19 on its fourth quarter Fiscal 2020 earnings call in May.
Certain statements made in this press release may constitute forward-looking information under applicable securities laws, including with respect to the announced closure of Aritzia retail locations as a result of the evolving the COVID-19 pandemic and Aritzia's commitment to directing profits during this period to the Aritzia Community™ Relief Fund as described above. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology.
Given this unprecedented period of uncertainty, there can be no assurances regarding: (a) the length of time Aritzia's retail locations will be closed as a result of COVID-19; (b) the COVID-19-related impacts on Aritzia's business, operations and performance, including its ability to remain on track to meet or exceed its stated fiscal 2021 performance targets, (c) Aritzia's ability to mitigate such impacts; (d) credit, market, currency, operational, and liquidity risks generally; and (e) other risks inherent to Aritzia's business and/or factors beyond its control which could have a material adverse effect on the company.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of the Company's annual information form dated May 9, 2019 for the fiscal year ended March 3, 2019 (the "AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described above and in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.
Aritzia is a vertically integrated, innovative design house of fashion brands. The Company designs apparel and accessories for its collection of exclusive brands. The Company's expansive and diverse range of women's fashion apparel and accessories addresses a broad range of style preferences and lifestyle requirements. Aritzia is well known and deeply loved by its clients in Canada with growing client awareness and affinity in the United States and outside of North America. Aritzia aims to delight its clients through an aspirational shopping experience and exceptional client service that extends across its more than 95 boutiques and eCommerce business, aritzia.com.
SOURCE Aritzia Inc.
For further information: Helen Kelly, Vice President, Investor Relations, 604-215-6557, [email protected]