By Canadian Press

Lululemon sees Q1 net income hit $321M, revenues up 10%

Jun 5, 2024 | 1:50 PM

VANCOUVER — Lululemon Athletica Inc. says its net income reached US$321 million in its first quarter, up from US$290 million a year earlier.

The Vancouver-based apparel retailer’s net revenue for the period ended April 28 amounted to US$2.2 billion compared with about US$2 billion a year prior.

The company, which reports its earnings in U.S. dollars, says its international net revenue alone was up 35 per cent from a year ago, while its net revenue attributable to the Americas rose by three per cent over the same period.

Diluted earnings per share for Lululemon’s first quarter were US$2.54, compared with US$2.28 a year before.

The company says the results reflect consumers responding well to its products and the efforts it has undertaken to optimize the merchandise it offers in the U.S.

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The results come days after Lululemon’s board of directors approved a US$1 billion increase to the company’s stock repurchase program.

This report by The Canadian Press was first published June 5, 2024.

Companies in this story: (TSX:LULU)

The Canadian Press