Luxury activewear brand Lululemon said the total revenues for full-year 2019 hit $4 billion, on the back of double-digit sales growth in the fourth quarter.
The Canadian company said total sales surged 20% to $1.4 billion in the fourth quarter 2019. Total comparable sales increased 20%, while comparable store sales increased 9%. Direct to consumer net revenue increased 41%, said the retailer during the three months ending 2nd February, 2020.
For the full-year 2019, total sales increased 21% compared to fiscal 2018. On a constant dollar basis, net revenue increased 22%.
For the twelve months ending 2nd February, total comparable sales increased 17%, or increased 18% on a constant dollar basis. Comparable store sales increased 9%, or increased 10% on a constant dollar basis. Direct to consumer net revenue increased 35%, said the company in statement. In full-year 2019, diluted earnings per share were $4.93 compared to $3.61 in fiscal 2018.
“2019 was a strong year for Lululemon, as our teams executed against our Power of Three growth plan,” said Calvin McDonald, Lululemon’s CEO.
“We are now navigating an extraordinary environment, which is currently impacting our business. The strength of our brand and strong financial position will help us manage through the day-to-day, while continuing to effectively plan for and invest in our future,” continued McDonald.
Looking ahead, the company said it would not provide guidance for fiscal 2020, due to the impact that Covid-19 is having across the globe, and the rapid and continuous developments.
Covid-19 has also impacted the company’s store network globally. In February 2020, Lululemon temporarily closed all retail locations in mainland China, with all but one of these locations now reopened.
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In March 2020, it temporarily closed all retail locations in North America, Europe, Malaysia, New Zealand, and temporarily closed its distribution centre in Sumner, WA. These locations currently remain closed.