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. 

While net revenue increased by 17 per cent in North America, Lululemon says it increased by 60 per cent internationally. 

The company revised its net revenue outlook for the full fiscal year upwards to between US$9.4 billion and US$9.5 billion, going from approximately 15 per cent growth to 17 per cent. 

This report by The Canadian Press was first published June 1, 2023.

Companies in this story: (TSX:LULU)

The Canadian Press

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