Aritzia's Strong Performance and Strategic Positioning Drive Buy Rating Amid Market ChallengesWe think Aritzia will continue to lean into marketing responsibly, true to the creative spirit of the brand, and without developing an overreliance while getting more efficient over time. Other system improvements will follow, including RFID and a merchandise planning tool, which should only continue to support the dynamism of the model, which has been on full display in recent months in managing through warmer fall weather.While valuation is rich, it reflects defensibility, strong future earnings growth, and deeper-set optionality in the model. Over the next year we expect earnings growth of 27%, more closely aligning with valuation, and likely containing some upside.