Lululemon jumps 88% in Q1
Canadian activewear brand Lululemon’s net revenues rose by 88% (83% on a constant dollar basis) to $1.2 billion during the first three months or quarter (Q1) of 2021, compared to the same three-month period the year before, the company has revealed.
North American revenues jumped 82% on the previous year, surging by 125% internationally.
In comparison to the first quarter of 2019, the brand’s net revenue increased by 57% ($444.2 million).
Gross profit for Q1 increased 109% to $700.3 million.
Chief financial officer, Meghan Frank, commented: “We are very pleased with our Q1 results, which reflect significant growth in the business compared to both 2020 and 2019. Our momentum remains strong as we enter the second quarter, and we are raising our estimates for the year accordingly.”
Adding to this, chief executive, Calvin McDonald, said: “Our strong performance across categories, channels and geographies demonstrates the momentum and strength of Lululemon as we shift into the new normal.”
