Second quarter financial results for Lululemon Athletica Inc. has beat analysts’ expectations. Revenue increased 2% to $903 million, soaring above initial projections of $842.5 million.
The athletic brand’s earning report also featured the following stats:
- Company-operated stores net revenue was $287.2 million, a decrease of 51% compared to the second quarter of fiscal 2019.
- Direct to consumer net revenue was $554.3 million, an increase of 155% compared to the second quarter of fiscal 2019. On constant dollar basis, direct to consumer net revenue increased 157%.
- Direct to consumer net revenue represented 61.4% of total net revenue compared to 24.6% for the second quarter of fiscal 2019.
“We’re pleased with our overall business results for the second quarter, as lululemon increasingly lives into its Omni potential. As trends around the world are shifting to working and sweating from home with an increased focus on health and wellness, we believe 2020 is likely an inflection point for retail and for lululemon,” said Calvin McDonald, Chief Executive Officer.
“We are cautiously optimistic with regard to the second half of the year as we continue to navigate the uncertain environment,” added Macdonald.
SREG also remains optimistic about the remainder of the year for retail. As we head into the holiday season, we are seeing positive momentum across the industry and our own portfolio.
Source: Lululemon – Press Release 8/25/20
Photo Credit: Lululemon – Store Locations
About lululemon athletica inc.
lululemon athletica inc. (NASDAQ:LULU) is a healthy lifestyle inspired athletic apparel company for yoga, running, training, and most other sweaty pursuits, creating transformational products and experiences which enable people to live a life they love. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit WWW.LULULEMON.COM.