Aritzia five-year plan: C$9.5 billion to C$10.5 billion in revenue by fiscal 2032

Aritzia's five-year plan targets net revenue of C$9.5 billion to C$10.5 billion in fiscal 2032, a 15% to 17% compound annual growth rate, the Vancouver retailer said on October 27, 2026. It also targets adjusted EBITDA of 21% of net revenue and 220 boutiques, up from more than 145 today. Every number below is a management target, not a result.

What Aritzia announced

The company presented the plan at an Investor Day at its New York support office. Aritzia reports in Canadian dollars, and its release uses a plain dollar sign, so we write C$ throughout. At the 1.38 U.S.-to-Canadian dollar rate Aritzia uses in its own outlook, the target range is roughly US$6.9 billion to US$7.6 billion, which is our arithmetic and not a company figure.

The release measures the target "relative to its current Fiscal 2027 outlook." That outlook, issued October 8, 2026, is net revenue of C$4.78 billion to C$4.88 billion, up about 29% to 32% from fiscal 2026. So the plan roughly doubles the business over five years while growing more slowly each year than fiscal 2027 will.

The four levers

Aritzia named four levers:

• Brand awareness. Engage clients across the customer journey and approximately double the client base by fiscal 2032.
• Geographic expansion. Open 12 to 14 boutiques and reposition 5 to 7 existing ones every year, a mid-teens compound growth rate in retail square footage, and reach beyond Canada and the United States.
• Digital. North America digital net revenue of about C$4.1 billion to C$4.5 billion, a CAGR of about 20%, helped by a loyalty experience and more digital marketing.
• Product expansion. Broader assortment to capture "additional share of closet," worth about C$1.5 billion of incremental net revenue by fiscal 2032.

FashionUnited reported that international expansion could contribute up to C$500 million of net revenue by fiscal 2032. We did not find that figure in the press release itself, so treat it as the trade outlet's reading of the investor presentation.

The cash plan

Aritzia expects net capital expenditures of about C$2 billion over the five years and plans to return 50% of free cash flow to shareholders through about C$2 billion of share repurchases. It also expects earnings per share growth to outpace revenue growth. These are the release's "key assumptions," and the company warns that results may differ.

Where the starting line is

The base is unusually strong. In the second quarter ended August 30, 2026, net revenue rose 44.1% to C$1.17 billion and comparable sales rose 34.5%. U.S. net revenue grew 60.3% to C$779.4 million and made up 66.6% of the total. Digital net revenue grew 67.7% to C$402.9 million. Adjusted EBITDA margin was 21.0%, up 590 basis points.

One caution sits in the same release. Reported gross profit margin was 57.1%, but excluding the benefit of tariff refunds it was 48.7%. The gap works out to about C$97 million of refunds in a single quarter. Our tariff explainer covers the rules behind those duties. Aritzia's 21% EBITDA target is the same level it reported in the second quarter, so the plan assumes it holds on a larger base.

For the third quarter, Aritzia guided to net revenue of C$1.275 billion to C$1.325 billion, growth of about 23% to 27%. That is already below the second quarter pace, which fits the fiscal 2032 targets, because the plan assumes growth keeps normalizing.

The channel and country mix

The second quarter split shows what the plan leans on. Retail net revenue rose 34.1% to C$766.9 million, 65.6% of the total, while digital rose 67.7% to C$402.9 million, 34.4%. Canada grew a slower 19.8% to C$390.4 million, one third of revenue. If the digital target of C$4.1 billion to C$4.5 billion holds against total revenue of C$9.5 billion to C$10.5 billion, digital would be about 43% of sales, our arithmetic, up from 34.4% in the second quarter.

The Canadian Press quoted Wong crediting some of the recent momentum to an app launched almost a year ago and to broad appeal across what she called a fourth generation of shoppers. The plan's loyalty experience is the next step in the same direction.

What the store numbers say

The Canadian Press reported that Aritzia opened 14 boutiques in the past 12 months and that the new stores are generating higher sales per square foot than past cohorts. It also reported that average store size has grown from about 6,000 square feet in 2016, with some new locations targeting 10,000 square feet and flagships above 30,000.

Larger stores are central to the plan. Five years of 12 to 14 openings is 60 to 70 new boutiques, our arithmetic from the release, and the release says the openings are driven by the United States. The risk is not whether Aritzia can open them, but whether the later cohorts match the first ones as the company enters new markets and builds brand awareness.

The analyst view

RBC analyst Irene Nattel told clients, in a note quoted by the Canadian Press, that the targets "look highly achievable" and are "likely somewhat conservative." That is one analyst, and the quote is secondhand through the wire service. We found no independent forecast to test the range against.

Our take

The plan is credible on its starting facts and modest against this year's growth, which is why it reads as conservative. Our position is to watch two numbers, comparable sales and new boutique productivity, and to discount the tariff-refund boost in margins. If the U.S. cohorts keep outselling the old stores, the 220-boutique target looks reachable. If comparable sales fall back to single digits, the 15% to 17% growth rate will depend on openings alone.