Lululemon Athletica posts Q1 FY20 revenue of $652 mn

12 Jun '20

1 min read

Pic: Lululemon Athletica

Lululemon Athletica, a healthy lifestyle inspired athletic apparel company for yoga, running and most other sweaty pursuits, posted 17 per cent revenue decline to $651.9 million in first quarter (Q1) FY20 ended on May 3, 2020 compared to $782.3 million in same period prior year. Net income for the quarter were $28.6 million (Q1 FY19: $96.6 million).

“Our strong digital business demonstrates the strength of our guest connection and the long-term opportunity to create further Omni experiences going forward,” Calvin McDonald, chief executive officer at Lululemon Athletica, said in a press release.

Gross profit for the quarter decreased to $334.4 million ($421.7 million). Selling, general and administrative expenses for Q1 FY20 were $301.6 million ($292.9 million). Income from operation were $32.7 million ($128.8 million).

The company stated that all of its retail locations which were closed in February 2020 have reopened. In March 2020, it temporarily closed all of its retail locations in North America, Europe, and certain countries in Asia Pacific. Subsequent to May 3, 2020, the company began reopening its retail locations in these markets in line with the guidance from local authorities. As of June 10, 295 of its company-operated stores were open.

Fibre2Fashion News Desk (JL)

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