Lululemon hails “strong” third quarter
Lululemon has said its third quarter performance has exceeded expectations.
During the period, the sportswear retailer grew its net revenue by 19% to $2.2 billion following growth of 12% in North America and 49% elsewhere in the world.
Meanwhile, total comparable sales rose by 13%, or 14% on a constant dollar basis, and gross profit increased by 21% to $1.3 billion.
Meghan Frank, Lululemon chief financial officer, said: “Our third quarter performance, which exceeded our expectations on the top- and bottom-line, reflects the ongoing strength of our business model and our teams’ ability to successfully execute at a high level amid an uncertain macro environment.
“As we look to the end of our fiscal year and into 2024, we remain focused on driving long-term growth and creating value for all our stakeholders.”
During the quarter, Lululemon embarked on a new partnership with Peloton for the provision of digital fitness content. This means that the company will no longer produce its own content for the Lululemon Studio Mirror.
Looking ahead, Calvin McDonald, Lululemon chief executive, said: “This was another strong quarter for Lululemon as our innovative product offerings and community activations continued to powerfully resonate with our guests globally.
“As we enter the holiday season, we are pleased with our early performance and are well positioned to deliver for our guests in the fourth quarter.”