The Canadian athletic apparel retailer, known for its yoga pants and yogawear, posted a surprise growth in Q2 revenue on Tuesday (8 September).
The retailer saw its revenue rise by 2 per cent to touch US $ 902.9 million from US $ 883.4 million during the second quarter of the last year.
Notably, the numbers have exceeded the expected estimate of US $ 842.5 million.
The reopening of the stores and consumers’ rush to stock workout apparels, yogawear and accessories has been instrumental in the sales growth.
The e-commerce sales, as it’s happened with many retailers, saw a massive growth of 157 per cent during the second quarter.
Almost 97 per cent of Lululemon stores have been reopened and, reportedly, the store sales are, on average, 75 per cent of what it was a year back.
However, Calvin McDonald, Chief Executive Officer, Lululemon, said that the retailer is ‘cautiously optimistic’ as far as the remaining part of the year is concerned.
The retailer did not provide any outlook for rest of the 2020.
Sales at the company-operated stores fell by 51 per cent to US $ 287.2 million from the same quarter. It ended Q2 with US $ 523 million in cash and cash equivalents.
Lululemon is one of the few retailers in this pandemic-hit year that has managed to successfully combat the crisis.
Back in June, the athletic apparel retailer had bought the home fitness firm Mirror for US $ 500 million.