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Lululemon reports double-digit revenue growth

Lululemon

Canada’s Lululemon Athletica said net revenue in the first quarter was $782.3 million, an increase of 20%, with strong online growth driving the double-digit gains.

SEE ALSO : Lululemon reveals five-year expansion plan

On a constant dollar basis, net revenue increased 22%, said the Vancouver-based company.
For three months, total comparable sales increased 14%; direct to consumer net revenue increased 33%, which made up 26.8% of total net revenue.

The yogawear company said its online net revenue increased 33% in the first quarter.
Income from operations was $128.8 million, an increase of 23%, while diluted earnings per share were $0.74 compared to $0.55 last year.

Net income rose 28.5% $96.6 million, or 74 cents per share. The company ended the quarter with 455 stores, it said.

“Lululemon continues to see strong momentum across the entire business,” said Calvin McDonald, Chief Executive Officer,

“I’m inspired by our teams who are executing at high levels, and I want to thank everyone across the globe for their passion and dedication to the brand,” he continued.

Looking ahead, Lululemon said for the second quarter, net revenues are forecast to be in range of $825 million to $835 million based on a total comparable sales increase in the low double digits. Diluted earnings per share are expected to be in the range of $0.86 to $0.88 for the quarter.

Likewise, full fiscal 2019 net revenues are expected to be in the range of $3.730 billion to $3.770 billion based on a total comparable sales increase in the low double digits. Diluted earnings per share are expected to be in the range of $4.51 to $4.58 for the full year.

“I look forward to the opportunities ahead of us, and delivering on our Power of Three five-year vision,” said McDonald.

SEE ALSO : lululemon to tap into footwear

The company’s shares, were up 4% in extended trading.

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