RYU Apparel revenue climbs 78% in Q2
Vancouver-based athletic brand RYU Apparel Inc. (Respect Your Universe) announced on Tuesday a 78 percent increase in revenue for the second quarter ended June 30, 2018.
Total revenue for the last quarter reached $1.14 million, compared to $641,231 during the same period in 2017. For the first six months of 2018, revenue was up 85 percent at $2.05 million
"These results come at a very exciting time for RYU as we look forward to the opening of our first three stores in the USA and the launch of our new RYU.com website in the second half of 2018," said Marcello Leone, CEO, in a news statement.
"This is our tenth consecutive quarter of growth and we are confident that we will meet our 2018 retail revenue target of 100 percent year-over-year growth," added Mr. Leone.
The company has been on a steady growth path since relaunching the brand in November 2015.
The company has plans to have nine stores by the end of 2018 and to achieve over 100 percent year-over-year growth in retail revenue. It currently operates six stores with its most recent opening in Venice, California earlier this month.
In the first half of 2018, the Company began construction planning at its retail stores in Brooklyn, New York and Newport Beach, California, which will give RYU exposure in New York City and Los Angeles, the most important urban centres of both coasts of the United States.
It has also secured the lease to its second Toronto, Ontario location at Sherway Gardens Shopping Centre.
Another bright spot for the company is its e-commerce business, with plans to launch a more experiential version in October.
RYU is a tailored technical training brand engineered for the fitness, training and performance of the multi-discipline athlete.
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