After starting Friday up 10% on its Q4 beat, Aritzia (ATZ) finished up 5% - with US growth of nearly 45% Y/Y…

… underpinned by steady growth in new locations, which management highlighted are paying for themselves in less than one year after opening…

… thanks in part to the eCommerce business, which creates brand awareness and provides the company with consumer location data to de-risk a launch.

As management looks to more-than-double US store count, that flywheel strategy should be repeatable - and with ATZ trading at nearly 20x NTM EBITDA…

… investors are likely thinking about international expansion beyond that.