Strong Q2 for Lululemon as new CEO takes over - sportstextiles: Lea SportsTextiles

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Strong Q2 for Lululemon as new CEO takes over

31/08/2018
Strong Q2 for Lululemon as new CEO takes over
Yoga and athletic wear brand Lululemon has reported net revenue of $723.5 million in the second quarter of 2018, an increase of 24% on a constant currency basis compared to the same period of last year. 

This growth was led by a 47% increase in direct to consumer revenue. Comparable store sales for the period were 10% higher year on year. 

Lululemon’s revenue for the first half of 2018 was $1.37 billion, up 25% compared to the first six months of last year.

Calvin McDonald took over as CEO of the Canadian company earlier this month. It had been without a chief executive since February when Laurent Potdevin resigned after the company said he “fell short” of its standards of conduct. 

Lululemon now expects its net revenue for 2018 to be in the range of $3.185 billion to $3.235 billion. This is based on a total comparable sales increase in the low teens. 

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