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Aritzia Inc.’s ATZ-T stock rose almost 21 per cent on Thursday as the market responded to the company’s latest earnings and several analysts upgraded their rating on the company.

Shares in the Vancouver-based retailer closed $5.55 higher at $32.01.

The spike came on the heels of Aritzia’s latest financial results, which showed the company’s net income dropped by 39 per cent to $43.1 million.

Net revenue for its third quarter reached $653.5 million, up from $624.6 million a year earlier.

The company says the quarter was impacted by higher markdowns it rolled out to optimize its inventory levels and pre-opening lease amortization costs it incurred for a number of new flagship boutiques.

The markdowns and costs were offset by lower warehousing and freight expenses.

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