Lululemon Athletica Inc., a yoga-inspired apparel athletic company based in the US, continued to note the growth in its net sales during the second quarter of the current fiscal.
According to the financial report released, Lululemon’s net revenue increased by 13 per cent to US $ 581.1 million. Direct-to-consumer net revenue grew by 29 per cent in the reporting quarter.
The retailer’s total comparable sales zoomed 7 per cent while comparable store sales noted a 2 per cent increase during the second quarter. Additionally, the gross profit jumped 17 per cent to US $ 297.4 million.
The positive second quarter has come as a booster for Lululemon. The company is now keenly looking to achieve US $ 4 billion in revenue by the year 2020.
“The positive financial report is a sign of the rising global customer response to Lululemon’s unique position as the leading brand that defines an active and mindful lifestyle,” said Laurent Potdevin, CEO, Lululemon Athletica in a statement issued by the company.
The company expects its third quarter revenue to be in the range of US $ 605-615 million. The estimated rise in total comparable sales (in the mid-single digits) during the upcoming quarter will boost Lululemon’s revenue.