By Canadian Press

Lululemon reports Q2 revenue up 29 per cent, net income of US$290M

Sep 1, 2022 | 1:45 PM

VANCOUVER — Lululemon Athletica Inc. says revenue climbed 29 per cent in the second quarter compared with the same period last year as it saw sales climb across its operations including higher gains in both online and international segments.

The Vancouver-based athletic clothing company, which reports in U.S. dollars, says it had revenue of US$1.9 billion for the quarter ending July 31, up from US$1.45 billion last year, as sales increased 28 per cent in North America and 35 per cent internationally.

The sales translated into net income of US$289.5 million, or US$2.26 per diluted share, up from US$208.1 million or US$1.59 per share for the same quarter last year.

Lululemon was expected to earn US$1.87 per share on US$1.77 billion of revenue, according to financial data firm Refinitiv.

Total comparable sales were up 23 per cent, including 16 per cent for in-store and 30 per cent for direct-to-consumer net revenue.

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The company opened 21 net new company-operated stores during the second quarter, ending with 600 stores.

This report by The Canadian Press was first published Sept. 1, 2022.

The Canadian Press