The Canadian sportswear supplier Lululemon Athletica Inc. was also able to achieve strong growth in sales and earnings in the first quarter of the 2023/24 financial year. The latest figures published by the Vancouver-based yogawear specialist on Thursday evening significantly exceeded market expectations.
In the first quarter ended April 30, Lululemon generated approximately $2.0 billion in revenue. Compared to the same period of the previous year, revenues grew by 24 percent (currency-adjusted +27 percent).
Thanks to a higher gross margin, profit increased even more. Operating income increased 54 percent to $401.1 million and net income was $290.4 million, up 53 percent year-on-year.
In view of the strong first quarter, the company increased its forecast for the current financial year 2023/24. Sales growth of around 17 percent to 9.44 to 9.51 billion US dollars is now expected. Diluted earnings per share target was raised to $11.74-$11.94 from $11.50-$11.72.