VANCOUVER — Aritzia Inc.'s stock rose almost 21 per cent on Thursday as the market responded to the company's latest earnings and several analysts upgraded their rating on the company.

Shares in the Vancouver-based retailer closed $5.55 higher at $32.01.

The spike came on the heels of Aritzia's latest financial results, which showed the company's net income dropped by 39 per cent to $43.1 million.

Net revenue for its third quarter reached $653.5 million, up from $624.6 million a year earlier.

The company says the quarter was impacted by higher markdowns it rolled out to optimize its inventory levels and pre-opening lease amortization costs it incurred for a number of new flagship boutiques.

The markdowns and costs were offset by lower warehousing and freight expenses.

This report by The Canadian Press was first published Jan. 11, 2024.

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