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Sporting Life 10K celebrates 25 years of running for kids with serious illness

By
Mario Toneguzzi
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Since 2000, the event has raised more than $27 million to support Campfire Circle’s hospital, community, and overnight camp programs (CNW Group/Campfire Circle)

Now in its 25th year, the Sporting Life 10K, hosted by the iconic sports and style retailer Sporting Life, is bringing together 23,000 participants on Yonge Street this Mother’s Day, May 11, in support of Campfire Circle, a charity that provides year-round programs for kids with cancer or serious illness and their families.

Since its inception in 2000, the event has raised more than $27 million to support Campfire Circle’s hospital, community, and overnight camp programs—offering joy, connection, and healing to thousands of children and their families across Ontario, said the company.

“This event is so much more than a run—it’s a movement,” said David Russell, Founder of Sporting Life. “For 25 years, we’ve watched tens of thousands of people lace up not just for the finish line, but for a cause that touches so many. Whether you’re running for your child, your friend, or just for fun—every step helps kids facing unthinkable challenges rediscover what it means to just be a kid.”

This year’s sold-out event includes an in-person race on May 11 and a virtual option from May 11–31, allowing supporters from across Canada and beyond to participate. The event hopes to help Campfire Circle raise over $2.5 million.

“Thanks to our extraordinary and longstanding partnership with Sporting Life, this race has become a cornerstone of our community,” said Alex Robertson, CEO of Campfire Circle. “Each participant, donor, and sponsor are a part of something powerful—helping kids rediscover joy, friendship, and belonging. Together, we’re building a world where children thrive and families heal.”

Funds raised will support Campfire Circle’s year-round programs at paediatric hospitals (SickKids, McMaster Children’s Hospital, Children’s Hospital at London Health Sciences Centre, and CHEO), in communities across Ontario, and at two medically supported overnight camps in Muskoka and Waterford.

Founded in 1979, Sporting Life operates 14 high-end stores across Canada’s largest cities in premium malls.

Since 1983, Campfire Circle (formerly Camp Ooch & Camp Trillium) has brought healing through happiness to kids with cancer or serious illness and their families. Through our in-hospital, community, and overnight camp programs, it creates opportunities for children to build friendships and social skills, develop self-confidence and resiliency, and improve their overall well-being. By providing play-based experiences, it empowers kids to take back their childhood, regardless of their medical diagnosis.

Now in its 25th year, the Sporting Life 10K is bringing together 23,000 participants on Yonge Street this Mother’s Day, May 11, 2025, in support of Campfire Circle. (CNW Group/Campfire Circle)

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A&W Canada reports Q1 2025 sales growth, opens 7 new restaurants despite economic and weather challenges

By
Mario Toneguzzi
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A&W/Pret a Manger at Marine Gateway in Vancouver, July 25 2022. Photo: Lee Rivett

A&W Food Services of Canada Inc. announced Friday its financial results for the 12-week period ended March 23, 2025, as the company experienced sales and revenue growth while expanding its footprint.

“We opened 7 new A&W restaurants and grew System Sales by 2% in Q1 2025, despite the impact of severe weather conditions on guest counts in many Canadian communities, particularly acute in period two of the quarter,” said Susan Senecal, Chief Executive Officer.

Susan Senecal
Susan Senecal

“During the quarter, we achieved positive same store sales growth of 0.4% which is positive given that the first quarter was the strongest quarter of 2024 in terms of same store sales growth. This reflects our efforts to provide more value offerings in 2025 given the shift in consumer pressures and slowdown in the economy that started mid-year last year. In Q2, we continue to navigate adverse weather and uncertain economic conditions due to recent tariffs and counter-tariffs but are pleased with the performance of our value offerings and marketing initiatives in this last quarter and in their ability to better appeal to value-conscious guests. We are proud to be fully Canadian owned and operated, now more than ever, and have been happy to see many Canadians discovering or re-discovering this fact.

“I am thrilled that we launched A&W Rewards, our new loyalty program, on April 22nd, after the end of Q1. This program gives guests even more reason to visit A&W and we are excited for the contribution it can make to our growth in the digital space, an important segment for QSR. Now, more than ever, with so much macro economic uncertainty we are also pleased with our progress through the end of Q1 2025 on our strategic path to achieving 30% profitability improvement for our franchisees by 2028.”

Q1 2025 FINANCIAL HIGHLIGHTS
(as compared to Q1 2024)

  • System Sales of $396.9 million increased by $7.7 million (2%)
  • Revenue increased by $2.4 million (4%)
  • Income before income taxes increased by $3.0 million (31%)
  • Adjusted EBITDA was $19.4 million, consistent with Q1 2024
  • Operating costs increased by $4.4 million (15%), largely attributable to increased marketing-related costs incurred by A&W’s National Advertising Fund
  • General and administrative expenses decreased by $0.3 million (3%)
  • Cash Dividend of $0.480 per share declared March 5, 2025 and paid March 28, 2025
  • Opened 7 new A&W restaurants

“Subsequent to the end of Q1 2025, on April 3, 2025 the U.S. Government announced sweeping tariffs on goods imported into the U.S. from a variety of trading partners, including Canada. As a result, the Canadian government announced retaliatory tariffs on U.S. originated imports into Canada becoming the first of many announcements related to tariffs by both countries that has served to create significant market uncertainty and increase the probability of these measures having significant impacts on Canadian unemployment rates, consumer confidence and discretionary spending, and the Canadian economy more broadly,” said the company.

“As a result of these macroeconomic conditions, we have updated our 2025 outlook for Adjusted EBITDA, System Sales Growth and Same Store Sales Growth downward from what was presented in Food Services’ Annual MD&A for the 52-week period ended December 29, 2024. Due to the pace at which we are opening new A&W restaurants we have amended the 2025 outlook for total number of restaurants expected to be open by the end of Fiscal 2025 upwards from what was presented in Food Services’ Annual MD&A for the 52-week period ended December 29, 2024.”

The company said it now expects the following for Fiscal 2025:

  • Adjusted EBITDA to be between $96 million and $101 million ($93.5 million in Fiscal 2024, Income before income taxes of $50.0 million in Fiscal 2024);
  • Total A&W restaurants to be between 1,085 and 1,100 by the end of Fiscal 2025 (1,073 by end of Fiscal 2024);
  • Annual System Sales Growth of 1.5% – 4.5% (0.8% in Fiscal 2024); and
  • Annual Same Store Sales Growth of 0.0% – 3.0% (-0.6% in Fiscal 2024).

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Retailers Turn to Smart Video to Reduce Crime and Liability

By
Craig Patterson
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Security camera in a grocery store. Image: Axis Communications

As retail crime and liability concerns escalate in Canada and globally, video surveillance has become more than just a passive tool. According to Jason Chiu, Professional Services Group Manager at Axis Communications, retailers are increasingly turning to intelligent, integrated video systems not only for post-incident evidence but to proactively deter theft, prevent liability claims, and enhance customer service.

“Video evidence is critical because it aids in investigations and in building cases if they decide to prosecute,” said Chiu in a recent interview. “But I would argue that high-quality video evidence is even more important.”

From Passive Surveillance to Active Prevention

Gone are the days of grainy, low-resolution security footage. Today’s retail environments are adopting advanced IP-based video systems with analytics and AI capabilities. Axis, a leader in network surveillance technology, is seeing strong demand for systems that go beyond simply recording.

Jason Chiu, Professional Services Group Manager at Axis Communications

“With modern systems, we can capture interactions in real-time,” explained Chiu. “For example, our audio analytics can detect stress in human voices or yelling, which can trigger an alert. That gives retailers the ability to intervene immediately, rather than just reviewing footage after the fact.”

Axis also offers connected speakers to deter incidents before they escalate. These speakers can play pre-recorded voice prompts, such as “An associate will be with you shortly,” when loitering is detected in high-value areas. “That simple acknowledgment lets a person know they’re being watched, which often prevents theft from occurring,” said Chiu.

The Role of AI and Privacy Considerations

Artificial intelligence is playing a growing role in retail surveillance, but Chiu is quick to point out that Axis complies with strict European regulations designed to protect privacy.

“Our AI applications are used to aid investigations, not replace human judgement,” he said. “For example, our system can search for ‘a man in a red sweater’ by analyzing recorded video, but we’re not using AI in ways that would compromise consumer trust.”

This balance between smart technology and privacy is key, especially as regulations continue to evolve.

Chiu said that retailers are increasingly being asked by insurers and legal teams to produce video evidence after an incident — whether it’s a slip-and-fall or a theft. But if the system isn’t functioning properly or hasn’t retained the right footage, there can be consequences.

“In the past, systems weren’t always monitored actively. You’d hope they were recording, but no one checked,” said Chiu. “Now, we recommend smart systems that can send alerts if a server goes down, or if a camera is tampered with or stops working.”

To ensure video evidence hasn’t been altered, Axis has contributed to an international standard known as “signed video,” which guarantees authenticity from capture to playback. “With today’s editing tools, even a regular PC can be used to manipulate video. Our technology ensures the chain of custody is preserved,” he said.

Security camera in a grocery store. Image: Axis Communications

Real-World Scenarios: From Point-of-Sale to Internal Theft

Beyond external theft, Chiu says Axis technology is helping retailers investigate internal fraud by connecting surveillance footage to point-of-sale (POS) data.

“One customer is using our system to analyze cash transactions, which are rare today. They can detect if a cashier is performing a refund without a customer present,” he said. “We can bookmark those moments in the video timeline and flag them for investigation. That way, loss prevention teams don’t have to scroll through hours of footage.”

The solution has significantly reduced the time needed to review incidents, enabling retailers to take swift action.

“Employee theft is a sensitive issue, and it does happen,” Chiu added. “Our systems can detect unusual activity — for example, when there’s only one person in the store and multiple POS transactions are happening.”

Expanding Beyond Security: Operational Intelligence

While Axis is known for security, the company is rapidly expanding into business intelligence solutions that offer ROI beyond loss prevention.

“We’re helping retailers cost-share surveillance systems across departments,” said Chiu. “Marketing can benefit from traffic data, heat maps, and store occupancy insights. Facilities can use our systems for HVAC control or energy management.”

One free analytic tool offered by Axis classifies humans and vehicles — a feature that’s now being repurposed for queue monitoring, pickup wait times, and in-store engagement tracking.

“For example, we can detect when lines are too long and alert staff to open another register,” Chiu explained. “Or we can monitor wait times for curbside pickup customers, improving their experience.”

Security camera in a department store. Image: Axis Communications

Axis is also pushing into environmental sensing with the launch of new air quality sensors.

“These sensors can detect indoor air quality, vaping, and even refrigeration temperatures,” said Chiu. “In grocery and food retail, a power outage or cooler failure can lead to costly losses. Our system alerts managers before it becomes a crisis.”

This level of integration turns the traditional security system into a comprehensive risk management and operations platform.

The Shift Toward Integrated Retail Ecosystems

As the retail landscape becomes more complex, Chiu said the key is involving multiple stakeholders in technology decisions.

“The more people who can use the system — security, marketing, operations — the more successful it will be,” he said. “A camera system isn’t just about preventing crime anymore. It’s about using data to make the whole store run better.”

Axis Communications continues to work on new applications of AI and analytics, and Chiu hinted that there’s much more to come.

“These tools are already available and improving all the time,” he said. “It’s a really exciting space to be in. The opportunities for retailers to reduce loss, improve safety, and run more efficiently are bigger than ever.”

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Canadian Retail News From Around The Web For May 2, 2025

By
Retail Insider
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Canadian Retail News From Around The Web

News at a Glance

Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.

Canadian Tire is bidding on Hudson’s Bay assets, according to sources (Canadian Press/CBC)

Assembly of First Nations joins calls for Hudson’s Bay to return ceremonial items (Canadian Press)

Who are the players in the bidding war for Hudson’s Bay assets? (Video: Global)

Aritzia diversifying away from China as tariff tensions continue: CEO (Canadian Press)

Strike or Lockout on Horizon? Businesses Prepare for Canada Post Labor Dispute (Sourcing Journal)

Spin Master to reduce China production due to tariffs (Financial Post)

Shoppers in Canada still willing to splurge on food, despite concerns about spending (CCentral)

Value Village store opens in Shoppers World Brampton (Brampton Guardian)

Walmart Canada set to open Mississauga store on May 8 (Grocery Business)

Kelowna’s new Canadian Tire expected to open in October – Kelowna News

New vintage fashion and design store opens in downtown Elora (The Spec)

Two vintage vets joined forces to launch Toronto’s coolest new Queen West shop (Streets of Toronto)

Loblaw’s body camera pilot rolls out in Toronto, raising privacy concerns (Village Report)

Aritzia Posts Blowout Quarter, but U.S. Tariffs Weigh on Future Outlook

By
Craig Patterson
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Aritiza store at CF Markville. Photo: Aritizia

Vancouver-based Aritzia Inc. has reported a standout fourth quarter for fiscal 2025, with results significantly exceeding analyst expectations. However, despite the strong momentum, the women’s fashion retailer is adjusting its forward-looking guidance due to pressure from newly imposed U.S. tariffs.

According to a research report published by Stifel on May 1, 2025, Aritzia’s revenue climbed 31% year-over-year to $895 million in the fourth quarter. Adjusted earnings per share surged 144% to $0.83—beating both the firm’s projection of $0.73 and the consensus of $0.70.

“These results demonstrate that Aritzia’s momentum is very real,” noted Martin Landry, Managing Director at Stifel and lead author of the report. “That said, upcoming tariff headwinds have led us to temper our earnings forecast despite the company’s exceptional performance.”

Q4 Outperformance Across the Board

Martin Landry

Aritzia’s comparable sales rose 26% in the fourth quarter, significantly higher than the 17.3% growth projected by Stifel and well ahead of the 15% consensus estimate. Gross margin improved by 420 basis points year-over-year to reach 42.5%, surpassing both internal guidance and external forecasts.

Adjusted EBITDA rose 122% year-over-year to $161 million, with margins expanding to 18%—a 730-basis-point increase compared to Q4FY24. SG&A expenses as a percentage of revenue were trimmed by 20 basis points to 27.5%.

E-commerce also played a crucial role in the strong quarter, with online revenue increasing 42.4% year-over-year to $378 million.

“This was a blowout quarter,” stated the report. “The company’s profitability metrics exceeded expectations and suggest that cost discipline and sales leverage are working in tandem.”

Conservative FY2026 Guidance Reflects Tariff Headwinds

Despite the strong quarter, Aritzia’s FY2026 guidance is cautious. The company expects net revenue between $3.05 billion and $3.25 billion for the year—roughly in line with consensus at the midpoint. However, it is guiding to a lower adjusted EBITDA margin of 14–15%, compared to 14.8% in FY2025. This is notably below Stifel’s prior estimate of 16.4%.

Tariffs imposed by the United States are expected to weigh heavily on margins, with a total negative impact of 400 basis points forecasted for FY2026. Of this, 200 basis points will be absorbed by the company directly, while the remaining 200bps are expected to be offset through strategic mitigation efforts.

Those measures include:

  1. Supply chain diversification away from China, which is expected to reduce exposure to 20% this fall and potentially single digits by spring.
  2. Cost sharing with vendors, designed to distribute tariff-related burdens.
  3. Improved initial markups (IMUs) to enhance realized pricing.
  4. Internal cost-cutting measures to protect profitability.

U.S. Expansion on Track Despite Tariff Risks

While Aritzia has identified tariffs as a significant risk to U.S. operations, the company continues to experience substantial growth south of the border. U.S. revenue now exceeds $1 billion annually, and brand awareness remains relatively low—at just 14% compared to Lululemon’s 73%—signaling runway for expansion.

“The U.S. market is still in the early innings for Aritzia,” said Landry. “With new store openings and increased brand awareness, the company can continue to scale significantly.”

Aritzia currently operates 64 U.S. locations, with plans to open 12 new stores in both FY2026 and FY2027. International markets—particularly Europe and Asia—have also been flagged as next-frontier opportunities.

FY2027 Long-Term Targets Remain in Sight

Despite cautious guidance for the upcoming year, Aritzia has not revised its long-term FY2027 targets. Management is still aiming for revenues between $3.5 billion and $3.9 billion, along with an EBITDA margin of 19%.

Given the setbacks seen in FY2024, there was previously skepticism about whether these goals were still realistic. However, with FY2025’s robust recovery and a return to strong margins, confidence appears to be gradually returning.

“As visibility increases on the FY2027 targets, we believe this could be a catalyst for multiple expansion,” the report stated.

Stifel Lowers Estimates but Maintains ‘Buy’ Rating

In light of management’s guidance, Stifel has revised its forecasts downward. FY2026 and FY2027 EPS have both been reduced by 15%, now standing at $2.21 and $3.08, respectively. EBITDA projections have similarly been trimmed.

Accordingly, Stifel reduced its 12-month price target from $73 to $67 but continues to rate the stock a Buy.

The target price is derived using a blend of three valuation methods:

  • 21x FY27E EPS,
  • 14x FY27E EBITDA,
  • and a discounted cash flow model.

Key Risks to Outlook

The Stifel report outlined several risks to Aritzia’s performance moving forward:

  • Tariffs: Higher duties on Canadian exports could lead to rising U.S. prices, dampening demand and hurting volumes.
  • Brand momentum: A decline in fashion relevance or brand engagement could erode the customer base.
  • Macroeconomic factors: Inflation and higher interest rates may compress consumer spending on discretionary apparel.
  • Currency exposure: Aritzia generates about 50% of its revenue in Canadian dollars but incurs most of its costs in U.S. dollars.
Aritzia Yorkdale (Image: Aritzia)

Financial Metrics at a Glance

MetricFY2025FY2026 (Est.)FY2027 (Est.)
RevenueC$2.74BC$3.16BC$3.59B
Adj. EPS$1.98$2.21$3.08
Adj. EBITDAC$406MC$467MC$616M
EBITDA Margin14.8%14.8%17.2%
Net IncomeC$231MC$252MC$343M

Source: Stifel Research Report, May 1, 2025

Final Thoughts

Aritzia’s Q4FY25 performance confirms the retailer’s ability to deliver strong growth and margin recovery, even in a volatile economic environment. While tariffs represent a real and material risk to FY2026 earnings, the company’s proactive mitigation strategies and consistent expansion in the U.S. suggest the longer-term story remains intact.

Investors may face short-term uncertainty, but Aritzia’s momentum, operational discipline, and runway for growth—particularly internationally—make it a name to watch closely.

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Couche-Tard Advances 7-Eleven Bid with Data Access Deal

By
Craig Patterson
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7-Eleven store on Government Street in Victoria BC. Photo: Apple Maps

 In a move that could reshape the global convenience store landscape, Canadian retail giant Alimentation Couche-Tard Inc. has gained access to confidential financial data from Japan-based Seven & i Holdings Co., taking a major step forward in its USD$52-billion bid to acquire the owner of the 7-Eleven chain.

The development comes after months of limited engagement, during which Couche-Tard expressed mounting frustration over a lack of progress. Now, with a formal non-disclosure agreement (NDA) signed and a standstill provision in place, the door has been opened for deep due diligence and substantive discussions that could lead to one of the largest retail acquisitions in Canadian history.

A Global Dance: Patience Meets Urgency

“This is the culmination of the dance,” said retail strategist Carl Boutet in an interview. “It’s make or break. The fact that we’ve reached this point is a really encouraging sign. It shows that there’s a genuine willingness on the part of Seven & i to explore this seriously.”

Carl Boutet

Boutet emphasized that this is not just a business deal, but a cross-cultural and geopolitical balancing act. 

“Couche-Tard has been trying to move at a North American pace—fast and direct,” he explained. “But the Japanese way is slower, more methodical, and deeply rooted in trust and honour. The NDA and standstill provision are a signal of increasing goodwill by both parties.” 

A Strategic and Cultural Milestone

The standstill clause, disclosed by Seven & i, ensures that Couche-Tard cannot pursue a hostile takeover during the ongoing talks. It also gives Couche-Tard access to financial information that has, until now, remained tightly guarded. This includes detailed data on business units, geographic performance, and profitability—critical insights for assessing whether a sweetened offer is warranted.

“Until now, all they had was publicly available information and market intelligence,” said Boutet. “This opens the data room. It’s a big act of vulnerability for Seven & i. Couche-Tard will be able to see what’s really working, what isn’t, and where the growth potential lies.”

Size vs. Efficiency

Despite being much smaller in store count—Seven & i operates more than 80,000 stores globally versus Couche-Tard’s 18,000—Couche-Tard has a higher market valuation. The difference is driven by profitability and operational efficiency.

“The market views Couche-Tard as a better operator,” Boutet noted. “They’ve built a reputation as a logistics powerhouse. That’s one of the reasons they’re in a position to make this kind of play.”

He added that while Seven & i’s revenues may be higher, Couche-Tard’s price-to-earnings ratio is superior, which reflects the market’s confidence in its performance and discipline.

Regulatory Uncertainty and Divestiture Planning

One of the major sticking points in the negotiations has been antitrust concerns, particularly in the U.S. Couche-Tard executives maintain that there is “a path to regulatory approval,” but Seven & i has been sceptical. The Tokyo company has warned against being dragged into regulatory limbo for years.

To mitigate these risks, both companies are reportedly working with investment bankers to identify potential buyers for approximately 2,000 stores in North America. Private equity firms are considered likely candidates for such acquisitions.

“There was fear that the U.S. Federal Trade Commission would see this as a monopoly,” Boutet said. “Ironically, Couche-Tard is up against competitors like Walmart and Mexico’s OXXO, who are also expanding rapidly in the convenience space.”

From Tokyo to Laval: The View from Canada

The idea of a Canadian company acquiring one of Japan’s most iconic retail chains has captured the attention of industry watchers.

Alain Bouchard, Couche-Tard’s founder

“It would be historic,” said Boutet. “We’re talking about the largest convenience store chain in the world potentially being run from Laval, Quebec.”

Alain Bouchard, Couche-Tard’s founder and current chairman, has reportedly spent extensive time in Tokyo pursuing the deal. “This is clearly personal for him,” Boutet added. “He took the failed Carrefour deal very hard. This is not about ego, but about vision. He believes Couche-Tard can operate this business better.”

Past Lessons, Future Ambitions

The Carrefour episode in 2021—where a $20-billion acquisition attempt was quashed by the French government—still lingers. Boutet believes it taught Couche-Tard valuable lessons about diplomacy and cross-border negotiations.

“This time around, they’re being more deliberate, more respectful of local processes,” he said. “They’ve lined up institutional financing in Canada and are approaching this with a level of discipline that’s very impressive.”

That financing, which could come in part from Canadian pension funds or institutional lenders, will be critical. A deal of this scale—estimated to be worth close to CAD$70 billion—would likely involve a significant amount of debt.

Photo: Couche-Tard

Seven & i’s Crossroads

Meanwhile, Seven & i is pursuing a dual-track strategy: either sell to Couche-Tard or slim down and refocus. The Japanese firm is already selling off underperforming assets and preparing to list a portion of its U.S. operations to fund a large share buyback.

“They’ve said they don’t need this deal to survive,” Boutet acknowledged. “But if Couche-Tard comes back with a stronger offer after reviewing the data, it’ll be hard for shareholders to ignore.”

Shares of Seven & i rose 3.5% on the Tokyo exchange following news of the NDA. However, they remain more than 20% below Couche-Tard’s offer, indicating continued investor scepticism that a deal will be finalized. Boutet noted Couche-Tard’s stock price is down over the past year, with $20.98 billion in revenue and $640 million in net income — with a market capitalization of about CAD $66 billion dollars. In comparison, Seven & i is valued at about CAD$55 billion. 

Culture, Control, and Caution

Beyond financial metrics, the acquisition raises deep questions about brand identity and operational autonomy.

“There’s fear in Japan that Couche-Tard will turn 7-Eleven into a pure logistics machine,” said Boutet. “But I think both companies recognize that what makes 7-Eleven unique—especially in Japan—is its merchandising, ready-to-eat offerings, and cultural resonance. That’s worth preserving.”

If the deal goes through, Boutet believes the Canadian company will maintain much of 7-Eleven’s current operational infrastructure in Japan and the U.S., while using its own efficiencies to drive profitability.

Next Steps: The Waiting Game

With the NDA now in effect, the ball is squarely in Couche-Tard’s court. Will they improve their offer? Will Seven & i’s board recommend a deal?

“I think they almost have to increase the bid now,” Boutet predicted. “If they don’t, it could signal disinterest, or worse, that the numbers didn’t impress. But if they do—if they see real synergy—this could actually happen.”

Yet even if Couche-Tard is ready to move quickly, Boutet cautioned against expecting a swift conclusion.

“From a Japanese business perspective, these things don’t get rushed,” he said. “They’ve made it clear they’re not going to be forced into a decision. It could be months—or more—before we see a final outcome.”

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Aritzia reports 38% Q4 revenue growth, driven by U.S. expansion and ecommerce momentum

By
Mario Toneguzzi
-
Aritzia at CF Masonville Place (Image: Cadillac Fairview)

Aritzia Inc., a design house with an innovative global platform offering Everyday Luxury™ online and in its boutiques, Thursday announced its financial results for the fourth quarter and full year ended March 2, 2025, saying the results underscore the strength of its business.

Jennifer Wong
Jennifer Wong

“Our results for the fourth quarter and full year Fiscal 2025 underscore the strength of our business and growing affinity for the Aritzia brand. We delivered outstanding fourth quarter net revenue growth of 38%, excluding the 53rd week in Fiscal 2024, and comparable sales growth of 26%,” said Jennifer Wong, Chief Executive Officer.

“Underpinned by our assortment of beautiful products, optimized inventory position and strategic marketing investments, we fueled accelerated momentum in eCommerce and continued to execute our real estate expansion strategy, including the opening of our iconic Fifth Avenue flagship in Manhattan. Our results were primarily driven by our performance in the United States, where net revenue increased a tremendous 56% excluding the extra week. We also delivered further improvement in our Adjusted EBITDA margin, which increased more than 700 basis points in the fourth quarter.

“We continue to see strong momentum in the first quarter of Fiscal 2026, fueled by a positive client response to our Spring/Summer product and our optimized inventory position. The strength of our brand, quality of our assortment and our Everyday Luxury™ client experience are all resonating exceptionally well, giving us confidence in our ability to capitalize on the opportunities that lie ahead. Given the recent tariff developments, it’s clear we’re operating in a dynamic environment. Our successful 40+ year track record across varying economic climates demonstrates our ability to pivot and adapt. We have a healthy balance sheet and are well-positioned to navigate the evolving macroeconomic conditions, while remaining steadfast in advancing our key growth levers.”

Fourth Quarter Highlights

For the thirteen weeks of Q4 2025, compared to the fourteen weeks of Q4 2024:

  • Net revenue increased 31.3% to $895.1 million, with comparable sales growth of 26.0%
  • United States net revenue increased 48.5% to $548.0 million, comprising 61.2% of net revenue
  • Retail net revenue increased 24.2% to $517.1 million
  • eCommerce net revenue increased 42.4% to $378.1 million, comprising 42.2% of net revenue
  • Gross profit margin increased 420 bps to 42.5% from 38.3%
  • Selling, general and administrative expenses as a percentage of net revenue decreased 140 bps to 27.5% from 28.9%
  • Adjusted EBITDA increased 121.8% to $160.9 million. Adjusted EBITDA as a percentage of net revenue increased 740 bps to 18.0% from 10.6%
  • Net income increased 311.6% to $99.6 million, or 11.1% as a percentage of net revenue. Net income per diluted share was $0.84 per share, compared to $0.21 per share
  • Adjusted Net Income increased 156.5% to $98.0 million. Adjusted Net Income per Diluted Share was $0.83 per share, compared to $0.34 per share
Aritzia (PHOTO: SOCANMAGAZINE.CA)

The company said Strategic Accomplishments for Fiscal 2025 include: Drove a 19% increase in net revenue (excluding the 53rd week in Fiscal 2024), resulting in a strong 5-year compound annual growth rate (“CAGR”) of 23%; Optimized the composition and quality of the Company’s inventory position, which fueled an acceleration in comparable sales growth in each quarter of the fiscal year and helped generate meaningful gross margin expansion; increased investments in digital and brand marketing to help protect and propel the Aritzia brand, grow awareness and generate new client acquisition; opened 12 new boutiques and repositioned three existing boutiques, including three iconic, brand-propelling flagship locations – two in Manhattan and one in Chicago; launched an improved aritzia.com, featuring an elevated client experience, including greater personalization and enhanced product discovery, and facilitating the seamless integration of a planned customer mobile app; and delivered a 550 basis point improvement in Adjusted EBITDA as a percentage of net revenue, driven by IMU improvement, lower markdowns, lower warehousing costs and savings from the company’s smart spending initiative.

“Based on quarter-to-date trends, Aritzia expects net revenue in the range of $620 million to $640 million (in the first quarter Fiscal 2026), representing growth of approximately 24% to 28%. The Company expects gross profit margin to increase approximately 200 bps and SG&A as a percentage of net revenue to decrease approximately 100 bps for the first quarter of Fiscal 2026 compared to the first quarter of Fiscal 2025. The Company expects Adjusted EBITDA as a percentage of net revenue to be approximately 14% for the first quarter of Fiscal 2026 compared to the first quarter of Fiscal 2025,” it explained.

“While the Company’s momentum across channels and geographies remains strong year to date, the outlook for Fiscal 2026 accommodates for a range of scenarios given uncertainties related to the broader macroeconomic environment, including tariffs.”

Aritzia at Vaughan Mills, photo provided by Vaughan Mills.

Aritzia said it expects the following for Fiscal 2026:

  • Net revenue in the range of $3.05 billion to $3.25 billion, representing growth of approximately 11% to 19% from Fiscal 2025. This includes the contribution from retail expansion with a minimum of 12 new boutiques and five boutique repositions, including four new boutiques and one reposition in the first half of the fiscal year. Ten new boutiques and two repositions are expected to be in the United States with the remainder in Canada.
  • Adjusted EBITDA as a percentage of net revenue to be approximately 14% to 15% compared to 14.8% in Fiscal 2025, driven by IMU improvements, freight tailwinds, savings from the Company’s smart spending initiative and expense leverage, offset by the higher US tariffs.
  • Capital cash expenditures (net of proceeds from lease incentives) of approximately $180 million. This includes approximately $110 million related to investments in new and repositioned boutiques expected to open in Fiscal 2026 and Fiscal 2027, as well as $70 million primarily related to the Company’s distribution centre network, including its new facility in the Vancouver area, and technology investments.
  • Depreciation and amortization of approximately $110 million.

“For the period from Fiscal 2024 to Fiscal 2027, the Company now expects capital cash expenditures (net of proceeds from lease incentives) of approximately $750 million compared to its prior assumption of approximately $500 million, primarily due to increased square footage growth and currency headwinds.”

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Interview: Thomas Caldwell on Hudson’s Bay IP Bid

By
Craig Patterson
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Hudson's Bay stripe products at the Queen Street flagship store in Toronto on March 15, 2025. Photo: Craig Patterson

As Hudson’s Bay continues its dramatic court-supervised liquidation process, at least one bidder is aiming not just for profit—but for preservation. Thomas S. Caldwell, CEO of Toronto-based Urbana Corp., confirmed in an interview that his firm has placed a formal bid to acquire Hudson’s Bay’s intellectual property and, most notably, the historic Royal Charter of 1670 that founded Canada’s oldest company.

“This is a big deal in my brain,” Caldwell told Retail Insider in a candid conversation. “I feel this company should be in Canadian hands. And indeed, I believe the charter should be in Canadian hands as well.”

A Patriotic and Strategic Play

Thomas S. Caldwell, CEO of Toronto-based Urbana Corp.

Caldwell emphasized that Urbana’s motivation is twofold: patriotic and opportunistic. “There’s a Canadian component to it,” he said. “I’m a proud Canadian. I’ve put full-page ads in newspapers across the country speaking to Canada and things I think are important. I’ve been in Afghanistan with our battle group. I really do feel this [Hudson’s Bay] is something that should remain ours.”

Yet there’s also a business opportunity. “This is an iconic brand that I think has been debased over the years,” Caldwell said. “I believe it could be rejuvenated and be meaningful in many product ranges.”

While Urbana Corp. manages a broad portfolio that includes public and private equities and owns significant stakes in global exchanges, the firm is not known for retail. Caldwell was clear: “We’re not interested in the stores or leases—we have no retail expertise. This is about the intellectual property.”

A New Home for a Canadian Treasure

Urbana’s bid also includes plans for the Royal Charter, a historical document dating back to the 17th century and considered foundational to Canada’s economic history.

“If we’re successful, we would likely donate the piece to an archival institute,” Caldwell said. “It’s not something I want locked up in a glass case in my office under armed guard. It’s something that should be in Canada, period—no ifs, ands, or buts.”

Caldwell noted early discussions with members of the Indigenous community about how the charter might be publicly displayed and interpreted. “It’s redemptive in a way,” he said. “Some see it as the beginnings of Canada; others, the start of colonialism. Either way, it belongs to the public.”

Hudson’s Bay Royal Charter from 1670

Assessing the Value of History

When asked how one goes about valuing a Royal Charter, Caldwell chuckled. “This is one of those situations where you close your eyes, squeeze the trigger, and see if you hit something,” he said. “There’s no direct comparison—you can’t line it up with the U.S. Constitution or the Gettysburg Address. You just have to figure out a number.”

For Urbana, the calculus for Hudson’s Bay’s IP was based on what they believe they can do with the assets. “It’s what we see as risk capital,” Caldwell explained. “We made our decision on that basis.”

A Brand Worth Reviving

While Urbana has no intention of relaunching Hudson’s Bay as a department store chain, Caldwell believes the brand name still carries tremendous equity.

“I’ve been in the investment business longer than you’ve been alive,” he joked. “I’ve always had an interest in Hudson’s Bay. When they sold it to the owner in the States, I didn’t feel good about it.”

For Caldwell, the interest was never in owning physical stores or reviving the traditional retail model. “Retail is too tough a business,” he said. “Department stores are at least three iterations ago. The future is about brands and the internet—not old-fashioned store formats.”

Instead, Urbana envisions leveraging the brand in new, creative ways—though Caldwell declined to elaborate due to ongoing legal constraints. “I’m constrained by non-disclosure agreements,” he admitted. “The lawyer’s a bit upset I’m even doing this interview, but I don’t care.”

Hudson’s Bay stripe products at the Queen Street flagship store in Toronto on March 15, 2025. Photo: Craig Patterson

A Competitive Bid Landscape

Urbana is not alone in vying for pieces of Hudson’s Bay’s legacy. The deadline to submit binding bids for the retailer’s intellectual property, including its iconic Stripes brand and trademarks, passed at 5 p.m. on Wednesday, April 30. Leases for Hudson’s Bay and its sister company Saks were subject to a separate deadline the following day.

“We’ve seen a high level of interest,” said Adam Zalev, managing director at Reflect Advisors, the firm overseeing the sale. “The bid deadline and high sales at stores really help prove the strength of the Canadian consumer and their desire to support Hudson’s Bay.”

Among the most visible competitors is Weihong Liu, a Chinese billionaire and chairwoman of Central Walk, which owns several B.C. shopping centres. Liu confirmed to the Toronto Star on April 30 that she had submitted a bid to acquire 25 Hudson’s Bay stores. “The money has already been paid,” she said. Liu plans to hold a press conference in the coming days.

Liu’s offer reportedly targets stores in British Columbia, Alberta, and Ontario. Liu has spoken publicly about her desire to “revive the retail industry, solve employment issues, and make The Bay great again.”

Court filings from April 22 confirm that 18 parties expressed interest in 65 store leases, while 36 leases received no bids. Some of the interested parties are landlords seeking greater control over their properties.

Canadian Tire in the Mix?

The Canadian Press reported that Canadian Tire may have also submitted a bid for parts of Hudson’s Bay’s intellectual property, citing two unnamed sources familiar with the sale. When asked to confirm, Canadian Tire declined to comment.

Whether the Canadian Tire chain is seeking a licensing opportunity or a deeper brand integration remains unclear. But the possibility of a major national retailer stepping in has added another layer of intrigue to the process.

Hudson’s Bay stripe products at the Queen Street flagship store in Toronto on March 15, 2025. Photo: Craig Patterson

Could Management Make a Play?

A lesser-known but plausible scenario involves a bid from within. An “insider protocol” document circulated to legal counsel in early April hinted that a member of management might submit an offer. While no such bid has been confirmed, the document was introduced shortly after the April 7 deadline for internal parties to express interest. That could include current HBC owner and Governor Richard Baker. 

If multiple bids meet the requirements, an auction will be held around May 16, with court approval expected by May 30. Liquidation sales are scheduled to wrap by June 15, at which point any unclaimed leases will revert to landlords.

The End of a Retail Era

Hudson’s Bay, established in 1670, is currently undergoing full liquidation across more than 80 store locations. A plan to preserve six flagship stores was abandoned on April 25 when the retailer determined there was a “low probability” of receiving viable bids under a reduced store model.

Still, the brand’s intellectual property and charter remain highly coveted. For Caldwell, it’s about much more than value.

“If someone else beats us, God bless them,” he said. “As long as it’s Canadian and as long as it ends up here—that’s what matters to me.”

He added with characteristic candour, “I’m just a thug trader. I made my bid and now I let the lawyers sort it out.”

More from Retail Insider: 

Apple Q2 2025 Earnings: $95.4B Revenue, Record EPS, and Services Hit All-Time High

By
Lee Rivett
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Introducing iPhone 16e, the most affordable member of the iPhone 16 family. Photo: Apple.

Apple Inc. has reported robust financial results for the second quarter of fiscal 2025, ending March 29, with quarterly revenue climbing 5% year over year to $95.4 billion, propelled by double-digit growth in its high-margin Services segment. Quarterly diluted earnings per share rose to a March quarter record of $1.65, up 8% from the same period last year.

CEO Tim Cook highlighted the company’s expanding product lineup and sustainability efforts: “We were happy to welcome iPhone 16e to our lineup, and to introduce powerful new Macs and iPads… We’ve cut our carbon emissions by 60 percent over the past decade.”

Apple’s Services revenue reached an all-time high of $26.6 billion, growing nearly 12% year over year, while iPhone sales topped $46.8 billion, up modestly from Q2 2024. Mac and iPad revenue also posted gains, while wearables showed a slight decline.

The company generated $24 billion in operating cash flow during the quarter and returned $29 billion to shareholders. CFO Kevan Parekh noted ongoing loyalty as a key driver: “Our installed base of active devices once again reached a new all-time high across all product categories and geographic segments.”

Apple’s board approved a 4% increase in its quarterly dividend to $0.26 per share, payable May 15, 2025. It also authorized a new $100 billion share repurchase program, underscoring confidence in long-term growth and shareholder returns.

How Much Does SEO Cost in 2025?

By
Retail Insider
-

When you have a website, you want people to find it easily on Google and other search engines. This is where SEO (Search Engine Optimization) comes in. SEO helps your website show up when people search for things related to your business. But how much does SEO cost in 2025? This is an important question for any business owner who wants to grow online.

The cost of SEO can vary a lot depending on what your business needs and who you hire to help. Some businesses might spend a few hundred dollars each month, while others might spend thousands.

Why Is SEO Important?

SEO, or Search Engine Optimization, is the process of improving your website’s visibility in search engine results on platforms like Google and Bing. By optimizing your site, you can increase your online presence, attract more visitors, and ultimately drive more business.

Effective SEO involves various tasks, including keyword research, on-page optimization, technical SEO, link building, content creation, local SEO, and analytics reporting, all working together to help your website rank higher and reach the right audience.

What are the SEO Pricing Models in 2025

There are several different ways SEO services are priced. Understanding these models will help you choose what’s best for your needs and budget.

Monthly Retainer

A monthly retainer means you pay a set amount each month for ongoing SEO services, which is how most SEO agencies in Singapore structure their engagements to support consistent, long-term performance improvements.

In 2025, monthly retainers typically range from:

  • $500-$1,500 per month for small businesses with a local focus
  • $1,500-$5,000 per month for medium-sized businesses or those in competitive markets
  • $5,000-$15,000+ per month for large businesses or highly competitive industries

What affects these prices? Several factors influence the cost, including how competitive your industry is, how big your website is, and how quickly you want to see results. Many businesses choose to work with SEO agencies like UppercutSEO because they offer customized monthly packages based on specific business goals rather than one-size-fits-all solutions. Their expertise ensures that businesses get the most value for their investment.

Project-Based Pricing

Some SEO work can be done as a one-time project instead of ongoing monthly work. This might include:

  • SEO audits ($1,000-$5,000)
  • Website migrations ($3,000-$10,000)
  • Content creation projects ($1,000-$20,000)
  • Link building campaigns ($2,000-$10,000)

Project-based pricing works well when you have a specific SEO need rather than wanting ongoing optimization.

Hourly Consulting

Some SEO experts charge by the hour instead of by the month or project. In 2025, SEO hourly rates typically range from:

  • $100-$200 per hour for junior consultants
  • $200-$400 per hour for experienced specialists
  • $400-$750+ per hour for industry-leading experts

Hourly consulting is good when you need specialized advice or have an in-house team that needs direction.

Performance-Based SEO

Some SEO providers offer performance-based pricing, where you pay based on results like reaching certain rankings, increasing traffic, or generating sales/leads, but be cautious as this can lead to short-term tactics that may harm your website’s long-term performance.

What are the Factors That Affect SEO Costs in 2025

Why is there such a wide range in SEO pricing? Several factors influence how much you’ll pay:

Your Current Website Condition

If your website already has good SEO foundations, it will cost less to improve. If your site has technical problems, outdated design, or content issues, it will require more work and therefore cost more.

An SEO audit typically costs between $1,000 and $5,000 in 2025, depending on your website’s size and complexity. This audit will reveal what needs fixing before more advanced SEO work can begin.

Your Industry Competition

Some industries are much more competitive than others when it comes to SEO. For example, ranking for “bankruptcy lawyer in Los Angeles” will cost much more than ranking for “vintage typewriter repair in Duluth.”

In highly competitive industries, you can expect to pay at the higher end of the pricing ranges we’ve discussed. This is because it takes more work and expertise to compete effectively.

Your Goals and Timeline

What are you trying to achieve with SEO, and how quickly do you need results? If you want to dominate national search results in six months, you’ll pay much more than if you’re happy with gradual local improvements over a year or two.

In 2025, aggressive SEO campaigns that target fast results in competitive markets can cost $10,000+ per month. More moderate approaches might range from $2,500-$5,000 monthly.

Geographic Focus

Local SEO (focusing on a specific city or region) generally costs less than national or international SEO campaigns. In 2025:

  • Local SEO campaigns typically range from $500-$2,500 per month
  • National campaigns usually start at $3,000-$5,000 per month
  • International or global SEO often exceeds $5,000-$10,000 monthly

What Should Be Included in Your SEO Package?

When comparing SEO costs in 2025, it’s important to understand what you’re getting for your money. Here’s what should be included in quality SEO services:

Initial SEO Audit and Strategy

A good SEO service begins with a comprehensive audit of your website, developing a customized strategy that includes technical analysis, content assessment, competitor research, keyword identification, and a roadmap of actionable recommendations to enhance your online presence.

Regular Reporting and Communication

You should receive regular updates, typically monthly, detailing work completed, ranking changes, traffic fluctuations, conversion improvements, and next steps with recommendations to track progress and guide future optimization efforts.

On-Page and Technical SEO

Your SEO package should include optimizing your website’s content and technical elements, such as improving website speed, mobile-friendliness, title and meta description optimization, content updates and creation, internal linking structure, and schema markup implementation.

Off-Page SEO

Quality link building and off-site activities should be included:

  • Building legitimate backlinks from relevant websites
  • Local citation building
  • Brand mentions and PR opportunities
  • Social signals (in some cases)

Working with experienced professionals is essential for effective SEO results, as that includes all these elements, with transparent reporting that clearly shows what work is being done and the results it’s achieving.

Can Low SEO Prices Deliver Real Results?

Be cautious of SEO services priced significantly below standard ranges in 2025. They may use outdated or black-hat techniques like keyword stuffing and buying low-quality links, which can lead to penalties. Cheap SEO often lacks customization, failing to address unique business needs and transparency, making it hard to track progress.

Quality SEO providers detail their methods and show measurable results, ensuring effective and sustainable optimization strategies that drive long-term success.

How to Budget for SEO in 2025

Now that you understand the costs, how should you budget for SEO? Here are some practical guidelines:

Percentage of Revenue Method

Many businesses allocate a percentage of their revenue to marketing, with a portion of that going to SEO:

  • Small businesses: 7-12% of revenue to marketing, with 30-40% of that for SEO
  • Medium businesses: 6-8% of revenue to marketing, with 40-50% of that for SEO
  • Large enterprises: 5-7% of revenue to marketing, with specific SEO budgets based on goals

Start Small and Scale Up

If you’re new to SEO, consider starting with a smaller investment and increasing your budget as you see results:

  • Begin with an audit ($1,000-$5,000)
  • Address critical issues first
  • Implement a basic monthly plan ($1,000-$2,500)
  • Scale up as you see positive ROI

Consider Your Customer Lifetime Value

How much is a new customer worth to your business over time? This helps determine how much you can afford to spend on SEO to acquire customers.

If your average customer is worth $5,000 over their lifetime, spending $500 to acquire them through SEO is a good investment.

Conclusion

The cost of SEO in 2025 can vary widely depending on several factors, including the scope of the project, the level of competition in your industry, and the experience of the SEO agency you hire. By understanding the different types of SEO services and the factors that affect costs, you can make informed decisions about your SEO budget and strategy.

Whether you’re a small business or a large enterprise, investing in SEO can help you increase your online visibility, drive more traffic to your website, and ultimately boost your sales.

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