CANADA: Strong sales lift Lululemon Q3 profit
- Q3 profit rose 82% to $25.7m
- Net revenue up 56% to $175.8m
- Same-store sales ahead by 29%
Yoga wear retailer Lululemon Athletica Inc has nearly doubled its third quarter profit after innovative products and marketing helped lift sales by 56%.
“Our technical product continues to drive our top line growth,” noted CEO Christine Day, “cementing our position as an innovative athletic wear company with yoga at our core.”
Speaking on a conference call to analysts, she added that these products include athletic products with yoga at their core, including technical yoga pants and tops, carry higher merchandise margins when compared to categories like accessories and outerwear.
Net income rose to $25.7m or $0.36 per share in the three months to 31 October, up from $14.1m or $0.20 per share in the same period last year.
Net revenue climbed to $175.8m from $112.9m a year ago, with sales from corporate-owned stores up 46% to $143.2m and same-store sales ahead by 29%.
Gross profit increased by 72% to $96.8m, and rose from 50% to 55% of net revenue.
Looking ahead, the company expects fourth quarter sales in the range of $210m to $215m, and earnings in the range of $0.46 to $0.48 per share.
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