By Canadian Press

Lululemon sees revenue, income rise in first quarter with strong international growth

Jun 1, 2023 | 2:12 PM

VANCOUVER — Lululemon Athletica Inc. reported net income of US$290.4 million for the first quarter of 2023, up almost 53 per centfrom US$190.0 million a year earlier.

The Vancouver-based company, which reports in U.S. dollars, says net revenue for the quarter was US$2.0 billion, up 24 per centfrom US$1.6 billion the same quarter last year. 

The retailer, which trades on the NASDAQ, says diluted earnings per share were US$2.28, up from US$1.48 a year earlier. 

Lululemon chief financial officer Meghan Frank says an acceleration of sales in China and lower air freight costs contributed to the company’s better-than-planned financial performance. 

While net revenue increased by 17 per cent in North America, Lululemon says it increased by 60 per cent internationally. 

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The company revised its net revenue outlook for the full fiscal year upwards to between US$9.4 billion and US$9.5 billion, going from approximately 15 per cent growth to 17 per cent. 

This report by The Canadian Press was first published June 1, 2023.

Companies in this story: (TSX:LULU)

The Canadian Press