Aritzia Inc (OTC: ATZAF) stocks rose 10.30% on 5th October 2018 (as on 4:00 PM GMT -4 Source: Google Finance) with sales growth reflecting strength across all geographies and all channels. Net revenue grew 31% from $607 million to $797 million. Adjusted EBITDA grew 54% from $97 million to $150 million and adjusted net income grew 74% from $50 million to $87 million. The company successfully completed the opening of the 225,000 square foot facility with an upgraded warehouse management system in August.
Net revenue for the second quarter increased by 18% to $205.4 million from $174 million in the second quarter last year. The revenue increase was driven by strong retail and e-commerce performance across all geographies. Gross profit margin for the quarter increased by 110 basis points to 37.4% from 36.3% in the second quarter last year.
As per the segment revenue, the selling, general and administrative expenses for the quarter increased 18.5% to $52.8 million. Excluding secondary offering cost of $420,000, SG&A expenses would have been 25.5% of net revenue compared to 25.6% of net revenue in the second quarter last year. Adjusted EBITDA increased 59.6% to $33 million or 16.1% of net revenue in the second quarter. Adjusted net income increased 76.3% to $18.3 million or $0.16 per diluted share. The cash balance at the end of the second quarter was $55 million. In the quarter, non-recurring costs related to the BC transition included $600,000 of expenses related to the move and $260,000 of rent expense from our old BC.
During the quarter, the company repurchased 194,000 shares through the NCIB. This brings the total repurchases to 246,000 shares since they implemented the NCIB on May 10. The repurchases to-date, have been done at an average share price of $15.49 for total cash consideration of $3.8 million. Subject to market conditions, the company will continue repurchasing shares opportunistically.