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Lululemon reports strong sales increase

Yoga and running apparel retailer Lululemon Athletica has increased its comparable sales by 7% in its second quarter ending 30 July.

FASHION

Lululemon reports strong sales increase

Yoga and running apparel retailer Lululemon Athletica has increased its comparable sales by 7% in its second quarter ending 30 July.

Net revenue rose by 13% to $581.1 million.

Meanwhile, gross profit was up 17% to $297.4 million. Adjusted gross profit climbed by 18% to $299.7 million.

Laurent Potdevin, chief executive of Lululemon, said: "Through continuing to deliver category-defining product innovation, we are creating experiences that our guests, both existing and new, desire. This strong brand momentum reinforces my confidence in our long-term strategy.

"The acceleration that we have seen across the business in the second quarter enables us to take another positive step on our path towards achieving $4 billion in revenue by 2020.”

For the 2017 financial year, Lululemon now expects net revenue to be in the range of $2.545 billion to $2.595 billion based on a total comparable sales increase in the low-single digits on a constant dollar basis.

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