VANCOUVER — Lululemon Athletica Inc. says it had a profit of $839 million in the last quarter to beat analyst expectations.
Net revenue in the quarter ending April 29 was a 25 per cent increase from the same quarter last year, and above the roughly $800 million expected by analysts according to Thomson Reuters Eikon.
The Vancouver-based clothing retailer says total comparable sales were up 20 per cent, and comparable store sales increased eight per cent.
Direct to consumer net revenue, which largely comes from the company’s website sales, increased 62 per cent compared with a year earlier.
Retail analyst Neil Saunders says in a note that the company had a “stellar quarter,” although the improved numbers do compare to a fairly soft performance last year.
He says the results are especially impressive as competition in the yoga clothing market increases from specialist players like Gap’s Athleta, sports suppliers like Adidas, as well as smaller niche companies.
The Canadian Press