RYU reports growth for 11th consecutive quarter, opens NY store
Vancouver-based athletic brand RYU Apparel Inc. (Respect Your Universe) announced on Monday its eleventh consecutive quarter of growth, which ended September 30, 2018.
Revenue in the third quarter jumped 64 percent to $1.2 million, compared to the same period last year. For the first nine months of 2018, revenue was equally up 77 percent at $3.3 million.
Meanwhile, gross profit for the quarter was up 58 percent at $0.7 million.
"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,” said CEO Marcello Leone.
“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.”
The company has been on a steady growth path since relaunching the brand in November 2015 and are in the middle of a retail expansion.
It opened it first U.S. retail store location in August in Venice, California, and officially opened the doors of its flagship store in Williamsburg, New York this week.
RYU plans to have nine stores by the end of 2018 including where construction continues at its retail stores in Brooklyn, New York, Newport Beach, California and Sherway Gardens in Toronto. The stores are complemented by its e-commerce business.
Next, it equally plans to launch new product categories over the next 12 to 18 months to add to RYU's existing 'hero' and 'core' programs.
RYU is a tailored technical training brand engineered for the fitness, training and performance of the multi-discipline athlete.
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