70 per cent sales growth is no less than extraordinary! And that’s what Canada’s Lululemon Athletica has witnessed in the first quarter in China. The shares too have gone up by almost 4 per cent.
The sales and profits for the Canadian athletic apparel retailer surpassed all the predictions of the analysts, much to the surprise of trade experts.
What is more surprising, however, is that the sales of its men’s dresses, which is comparatively new, has shot up by a fairly impressive 26 per cent.
For the first quarter up to 5 May, net income grew to US $ 96 million from US $ 75.2 million. The revenue too increased to US $ 782 million, much higher than what was predicted by analysts (US $ 755 million).
The sales surged by 14 per cent as far as same-store sales were concerned.
Pleased over the sales performance, Calvin McDonald, Chief Executive Officer, Lululemon Athletica, said that Lululemon continues to see strong momentum across the entire business.
With Asian sales going up by 40 per cent steered by 70 per cent growth in China alone, the Canadian retailer intends to add 12 more stores in the country by the end of the year.