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

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.