Lululemon revenues rise 37% in 2012 - sportstextiles: Lea SportsTextiles

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Lululemon revenues rise 37% in 2012

21/03/2013
Despite the furore surrounding the recall of sub-standard pants this week, Canadian yogawear brand Lululemon has reported net revenue for the fourth quarter of fiscal 2012 up 31% to $485.5 million and for the full year up 37% to $1.4 billion.

Lululemon CEO Christine Day said: "The fundamentals of our business are strong, we delivered excellent results in 2012, and we plan to continue to earn the loyalty of our customers and shareholders. As previously announced, we pulled a selection of our black Luon pants from our stores. Our proprietary fabric, black Luon, is a very technical and sensitive product to manufacture. We have a long history with our manufacturers and we are working closely with them to resolve the issues. We have a team on site collaborating with them to identify the root cause. We have recently added strong leadership in quality control, our liaison office and our commercialization and development teams, and expect these people, and other investments, to solidify our quality consistency and our delivery capabilities."

The company has revised down its expected revenue for the first quarter fiscal 2013, taking into account the impact from the Luon issue, by between $12 million and $17 million.

Related stories:

Christine Day to advise adidas 19/02/2016
Chip Wilson steps down from Lululemon’s board 03/02/2015
2014 an investment year for Lululemon 27/03/2014

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