Aritzia Inc. ATZ-T says its net income fell 35 per cent in its fourth quarter as its revenue grew.

The Vancouver-based retailer says its net income for the period ended March 3 totalled $24.2 million compared with $37.3 million a year ago.

Its net income amounted to 21 cents per diluted share compared with 32 cents per diluted share a year earlier.

Aritzia partially attributed the drops to an increase in stock-based compensation expenses, but also noted the quarter was affected by inflation and pre-opening lease amortization costs for its flagship boutiques.

Its net revenue for the quarter was about $682 million, up seven per cent from the year prior.

Net revenue linked to its U.S. business rose 9.4 per cent to $369.1 million, but Aritzia’s e-commerce net revenue fell 3.2 per cent to $265.6 million.