Lululemon Athletica, a yoga-inspired athletic apparel company, has unveiled its first quarter results for the fiscal 2016.
In the period under consideration, the retailer reported an increase of 17 per cent in net revenue to US $ 495.5 million from US $ 423.5 million last fiscal. Its total comparable sales, including comparable store sales and direct to consumer sales, zoomed 6 per cent in the reporting quarter. Gross profit of the company surged 16 per cent to US $ 239.1 million, the company release mentions. However, income from operations plunged 15 per cent to US $ 57.6 million from US $ 68 million in the same quarter last year.
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Commenting on the results, Laurent Potdevin, CEO of the company averred, “We are pleased with our first quarter performance, delivering strong sales results and gross margin that exceeded expectations. We finished the quarter with our inventory levels rebalanced and on track to achieve our goals for the year,” adding, “By continuing to invest in our people and focus on product innovation, we are well on our way to deliver on our five year plan.”
Lululemon Athletica expects second quarter net revenue to be in the range of US $ 505 million to US $ 515 million based on total comparable sales in the mid-single digits on a constant dollar basis.
