RYU apparel sees revenue jump 121% in 2017
Vancouver-based athletic brand RYU Apparel Inc. (Respect Your Universe) announced on Monday a 121 percent increase in revenue for the full year ended December 31, 2017.
Revenue was $3.02 million in 2017, compared to $1.37 million during the year ended December 31, 2016. Gross profit was up 46 percent at $1.38 million for the year.
Meanwhile, in its fourth quarter, revenue was also up some 146 percent reaching $117 million due to sales from five versus two retail stores and growth in e-commerce sales.
The fourth quarter of 2017 marked RYU's ninth consecutive quarter of increasing gross profit with fourth quarter gross profit up 147 percent at $529,472 compared with $214,336 reported in the prior year.
"We are pleased with this quarter and yearly results and the steady progress we are making in our strategic plan," said Marcello Leone, CEO, in a news statement.
"Moving forward, RYU remains focused and we have a solid road map in place to position the brand for success. As creators of Urban Athletic Apparel, we are the leader in this new category that evolved from Athleisure."
RYU also saw an increase of online revenue in 2017. E-commerce revenue grew 125 percent against 2016, about 17 percent of total revenue in 2017. In addition, the fourth quarter of 2017 just marked the first full quarter that ryu.com offered international shipping.
The company has been on a steady growth path since relaunching the brand in November 2015.
The company opened five stores during the year and has three under construction with the company’s first USA retail store location set to open during the third quarter of 2018.
It expects even stronger sales for 2018 as the brand continues its Canadian expansion.
RYU's expansion plan is on target to have eight stores by the end of 2018 and 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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