Calvin McDonald, Chief Executive Officer, stated: “Our first quarter results reflected strength across all drivers of growth, fueled by the continued expansion in our e-commerce business and a rebound in brick and mortar stores. Our strong performance across categories, channels and geographies demonstrates the momentum and strength of lululemon as we shift into the new normal. All of us on the leadership team are grateful to our teams around the world who enabled these results, and who continue to focus on realizing growth.”
For the first quarter of 2021, compared to the first quarter of 2020:
- Net revenue increased 88% to $1.2 billion. On a constant dollar basis, net revenue increased 83%.
- Company-operated stores net revenue increased 106% to $536.6 million.
- Gross profit increased 109% to $700.3 million and gross margin increased 580 basis points to 57.1%.
- The Company opened two net new company-operated stores during the quarter, ending with 523 stores.
Meghan Frank, Chief Financial Officer, stated: “We are very pleased with our Q1 results, which reflect significant growth in the business compared to both 2020 and 2019. Our momentum remains strong as we enter the second quarter, and we are raising our estimates for the year accordingly. The strength of our financial position allows us to continue to deliver against the Power of Three growth strategies, while we leverage both near- and long-term opportunities.”
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.