Lululemon Athletica Inc., a yoga-inspired athletic apparel firm, has reported a 25 per cent growth in its net revenue to US $ 649.7 million during the first quarter of the new financial year.
During the reporting quarter ended April 29, the apparel retailer’s total comparable sales increased by 20 per cent. Its gross profit also soared 34 per cent as compared to the corresponding period last year.
Income from operations increased by 130 per cent to US $ 104.3 million compared to the same quarter previous fiscal.
The company’s gross profit inclined by 34 per cent to US $ 344.7 million compared to the same quarter previous fiscal.
“The results justify our continued focus on product innovation and our people,” stated Stuart Haselden, Chief Operating Officer while commenting on first quarter results.
The retailer is now anticipating its net revenue to be in the range of US $ 660 million to US $ 665 million during the second quarter. The expectation is based on a total comparable sales increase in the high single digits on a constant dollar basis.
For the full-year 2018, Lululemon hopes to have a net revenue to be in the range of US $ 3.040 billion to US $ 3.075 billion.
The yogawear maker is also looking for a Chief Executive Officer to take over from Laurent Potdevin, who was asked to leave the company over reported misconduct.
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