Canada-based urban athletic apparel retailer RYU Apparel has posted strong results for the third quarter (Q3) of this year (FY21), which ended on 30 September.
During the three-month period, the company generated sales of $313,986, a 304% increase from the same period of last year.
RYU Apparel’s combined US retail point of sale (POS) and e-commerce sales grew by 199% from the corresponding period of last year, while its combined Canadian and USA retail POS rose by 173%.
The retailer’s wholesale business in the US increased by 320% from last year and its e-commerce conversion rate also rose by 86% compared to the corresponding period of last year.
RYU Apparel said its robust Q3 sales had come after the company’s inventory and sales were affected by global supply chain challenges and other Covid-19 related restrictions in the first two quarters of FY21.
RYU Apparel CEO Ceasare Fazari said: “Our team has fully operationalised this business and, in the past nine-month period, has achieved many of our stated corporate objectives.
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“Our increase of 304% versus the previous period last year is a marker that reflects our team’s commitment to delivering on our corporate strategy.
“As the market forecast continues to trend upwards in the athleisure category, we are positioned for further growth, especially considering this past quarter does not yet include revenue contribution for soon-to-be-launched consumer products, as well as revenue contribution related to inventory shortages and delayed deliveries.”
During Q3, RYU Apparel opened stores in Vancouver, Toronto and Williamsburg and expanded its floor sales team.
As part of its omnichannel strategy, the company launched its first printed catalogue, which was distributed to households across the US during the quarter.
In June, RYU Apparel announced plans to achieve $50m in net revenue by 2025.
The company said it aimed to achieve a 35% operating ratio and earnings before interest, tax, depreciation and amortisation (EBITDA) of more than $15m.