Lululemon sees sales bounce in first quarter as it sets sights on next five-year growth plan
Net revenue increased to $1.6 billion as opposed to the $1.53 billion expected by analysts
Article content
Athletic-wear company Lululemon reported a 32 per cent rise in first quarter revenue on Thursday, beating expectations and putting it well on its way to meeting a five-year plan to double sales by 2026.
Article content
The growth came as the Vancouver-based company launched footwear, golf and tennis products during the quarter, which CEO Calvin McDonald said have all performed well and continue to drive demand.
Net revenue increased to $1.6 billion as opposed to the $1.53 billion expected by analysts, with North American operations growing by 32 per cent and international by 29 per cent.
Diluted earnings per share were $1.48, up from $1.11 in the same period last year.
Lululemon previously announced that it plans to double its men’s and digital revenues while quadrupling international sales from 2021 levels as part of its growth plan.
“These results provide a solid foundation as we begin our next five-year journey,” CEO Calvin McDonald said during Thursday’s earnings call.
