RYU Apparel revenue almost doubles in Q1
Vancouver-based athletic brand RYU Apparel Inc. (Respect Your Universe) announced on Monday a 94 percent increase in revenue for the first quarter ended March 31, 2018.
Revenue was $907,915 compared to $467,003 during the same period in 2017. Gross profit was up 46 percent at $419,890.
Another bright spot for the company is its e-commerce business, which saw revenue climb 50 percent against the same period in 2017 as traffic to ryu.com increased by 57 percent during the same comparative period.
"We started the year with exciting developments on all fronts of the business and we are pleased that first quarter results are consistent with our 2018 retail revenue target of 100 percent YoY growth," said Marcello Leone, CEO.
"This is our ninth consecutive quarter of growth and we are especially proud, given that the first quarter in our industry is the slowest.”
The company has been on a steady growth path since relaunching the brand in November 2015.
RYU currently operates five stores and plans to have eight stores by the end of 2018. The company has already begun construction planning at its retail store in Brooklyn, New York, which was announced late last year. The athletic brand has also secured leases to its second and third US store locations, opening in the state of California.
The new stores will be the company’s first in the U.S.
This year, the company is expected to achieve over 100 percent year over year growth in retail revenue.
RYU is a tailored technical training brand engineered for the fitness, training and performance of the multi-discipline athlete.
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