Aritzia Targets Up to $10.5 Billion Revenue by Fiscal 2032

Aritzia is targeting net revenue of $9.5 billion to $10.5 billion in fiscal 2032, a 15 to 17 percent compound annual growth rate announced Tuesday alongside its investor day in New York.

The Vancouver-based women's apparel retailer, founded in 1984, also set a North America digital net revenue goal of $4.1 billion to $4.5 billion — roughly a 20 percent CAGR. Adjusted EBITDA margin is projected at 21 percent of net revenue by fiscal 2032, which ends Feb. 29, 2032. That represents 100 basis points of expansion. Earnings per share growth is expected to outpace revenue growth.

What drives the growth plan?

The five-year agenda rests on store openings, digital growth, category additions, geographic expansion beyond the US and Canada, and rising brand awareness. Aritzia targets 220 stores by fiscal 2032, up from 146 today, driven by 12 to 14 new US boutique openings annually.

"Our five-year plan builds on the tremendous momentum in our business and the proven growth levers that have driven our success," CEO Jennifer Wong said in a statement. "Our United States business is delivering exceptional results and will remain our primary growth market through fiscal 2032, with substantial runway still ahead."

Existing stores average about 10,000 square feet. Flagships run at least 20,000 square feet. The company plans five to seven store repositions annually and retail square footage CAGR in the mid-teens.

"We will begin taking an important step toward our long-term ambition of becoming famous around the world," Wong added, citing the retailer's 'Everyday Luxury' positioning — elevated wardrobe essentials at attainable, non-designer prices.

What will the buildout cost?

Capital cash expenditures, net of lease-incentive proceeds, will total approximately $2 billion over five years. Aritzia expects to return 50 percent of free cash flow to shareholders through roughly $2 billion in share repurchases over the same period.

The plan also calls for doubling the client base by fiscal 2032.

Which supply-chain and tech investments back it?

Aritzia has projects underway across distribution centers, technology, AI, merchandise planning software, customer initiatives and radio frequency identification. Near-term digital priorities previously outlined by Wong include:

• Embedding AI into team workflows and client support
• Ongoing website enhancements
• New mobile app features and upgrades
• Sharpened digital marketing tactics
• Optimized omnichannel infrastructure

For vendors and sourcing teams, the distribution center and RFID investments signal volume growth ahead for a vertically designed private-label assortment spanning apparel and accessories with multigenerational appeal.

Do recent results support the targets?

The goals follow strong reported numbers, though one boost came from policy rather than operations. For the second quarter ended Aug. 30, net revenue rose 44.1 percent to $1.17 billion and comparable sales climbed 34.5 percent. Net income more than tripled, up 204.2 percent to $201.7 million — helped by $97.4 million in tariff refunds.

For the full year ended March 1, 2026, Aritzia generated just over $3.7 billion in revenue, up from $2.74 billion the year before. Reaching the fiscal 2032 target implies roughly tripling that base within five years, a pace that will test the company's distribution capacity, store pipeline and international expansion execution simultaneously.