RYU Apparel posts 64 percent revenue growth in Q3

Revenues at RYU Apparel Inc. (Respect Your Universe), for the nine months ended September 30, 2018 were 3,267,121 Canadian dollars (24,55,955 dollars), a 77 percent rise over the nine months ended September 30, 2017. For the third quarter, the company reported revenue growth of 64 percent 1,223,524 Canadian dollars (9,19,746 dollars). The company said in a statement that its financial results have been encouraging with continued sales growth in 2018 and generating a positive 53 percent gross profit percentage.

Commenting on the third quarter trading, Marcello Leone, the company’s CEO, said in a statement: "We are encouraged with our eleventh consecutive quarter of growth. This is a confirmation that our brand, in its early stage, continues to gain traction. With nine stores operating by the end of this fiscal year and potentially more to follow in 2019, we hope our shareholders take the time to experience the RYU brand, whether in-store or online, and continue to build the community of Respect Your Universe."

RYU aims to expand geographical presence

During the nine months ended September 30, 2018 e-commerce revenue represented 14 percent of total revenue, which increased by 34 percent against the third quarter of 2017. Year-to-date, e-commerce revenue increased 53 percent against the same period of 2017.

The company added that its omni-channel expansion plan is to have nine stores open by the end of 2018, which continuing to execute the digital strategy. RYU currently has five stores in operation in Canada, one in the USA along with two under construction stores in the USA, and one under construction in Canada. The company’s most recent location at Venice, California opened in August 2018.

During the period under review, the company secured new strategic wholesale accounts with Nordstrom, Equinox Canada, Rise by We, and Steve Nash Fitness World & Sports Club.

Picture:Facebook/RYU Apparel Inc.