
Lululemon Athletica, the Canada-based clothing retailer, has witnessed its first quarter revenue jump by a whopping 88 per cent to record US $ 1.2 billion.
The retailer had posted just US $ 652 million during the same period last year owing to pandemic-induced store closures and frequent lockdowns.
Notably, the Q1 net revenue shot up by 57 per cent over 2019, the retailer said in a statement released to media.
The direct-to-consumer net revenue for the retailer during Q1 too jumped by an impressive 55 per cent though sales constituted 44 per cent of total net revenue – a fall from 54 per cent seen in last year’s first quarter.
Importantly, despite all challenges, the net income for the retailer surged by a huge 400 per cent from 2020 and 50 per cent from 2019 to US $ 145 million.
The retailer owes the impressive performance majorly to athleisure segment that continues to maintain its momentum – not to undermine the fast and continued online expansion.
Also, its menswear section, reportedly, surpassed the growth of womenswear, when compared to both 2020 and 2019.
Lululemon also added that it was on pace to deliver commitments from its ‘Power of Three’ growth plan. The plan focuses on product innovation, market growth and, importantly, customer experiences both online and offline.
Founded in 1998, Lululemon Athletica is majorly a retailer of yoga pants and other yoga wear, and has expanded to sell variety of athleticwear, including performance shirts, shorts and pants.