Canadian apparel firm Lululemon reports Q1 FY21 revenue of $1.2 bn

05 Jun '21

2 min read

Pic: Lululemon Athletica

Lululemon Athletica, a Canadian healthy lifestyle inspired athletic apparel company, reported 88 per cent revenue growth to $1.2 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $651.9 million in the corresponding quarter of previous fiscal. The company’s net income rose to $144.9 million (Q1 FY20: $28.6 million).

“Our first quarter results reflected strength across all drivers of growth, fuelled by the continued expansion in our e-commerce business and a rebound in brick and mortar stores. Our strong performance across categories, channels and geographies demonstrates the momentum and strength of lululemon as we shift into the new normal,” Calvin McDonald, chief executive officer at Lululemon Athletica, said in a press release.

Gross profit for Q1 FY21 grew to $700.3 million ($334.4 million), while selling, general and administrative expenses were $496.6 million ($299.6 million). Lululemon’s income from operations for the quarter increased to $193.8 million ($32.7 million).

“We are very pleased with our Q1 results, which reflect significant growth in the business compared to both 2020 and 2019. Our momentum remains strong as we enter the second quarter, and we are raising our estimates for the year accordingly. The strength of our financial position allows us to continue to deliver against the Power of Three growth strategies, while we leverage both near- and long-term opportunities,” Meghan Frank, chief financial officer at Lululemon Athletica said.

Fibre2Fashion News Desk (JL)

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