Lululemon Forecasts Better-than-Expected Sales

Lululemon (Vancouver, British Columbia) reported revenue and profit for the fiscal fourth quarter that topped analysts’ estimates, boosted by the athletic apparel maker’s online business and double-digit sales growth in both its women’s and men’s divisions, reports CNBC.

Lululemon reported net income of $329.8 million, or $2.52 per share, compared with net income of $298 million, or $2.28 per share, a year earlier. Excluding one-time items, the company earned $2.58 per share, better than the $2.49 expected by analysts.

Its revenue spiked roughly 24 percent to $1.73 billion from $1.4 billion a year earlier. That topped expectations of $1.66 billion.

Its online sales surged 92 percent, as many consumers preferred shopping from the comfort of their homes during the pandemic. Women’s sales were up 19 percent, and men’s grew 17 percent during the quarter, the company said.

In North America, revenue grew 21 percent, while international sales rose 47 percent.

Direct-to-consumer sales nearly doubled, and represented 52 percent of total sales in the quarter, compared with 33 percent of sales during the year-ago period.