The Vancouver, British Columbia-based athletic apparel and accessories company revealed quarterly results Thursday afternoon, improving on top and bottom lines while logging more than $1 billion in revenues.
McDonald added on Thursday evening’s conference call with analysts that sales in the women’s division grew 22 percent during the quarter — back to pre-COVID-19 levels — while revenues in men’s were up 14 percent. The ath-leisure craze and workout-from-home trends, which continue with no end in sight, have helped Lululemon gain a stronger foothold in the market against sportswear giants such as Nike Inc. and Adidas. In addition, the retailer purchased Mirror, the at-home fitness system, for $500 million in June. The company anticipates Mirror will generate revenues of about $150 million in 2020. “Our brand is becoming stronger,” he added. “Our guests are living a more active life.
Lululemon ended the quarter with $481 million in cash and cash equivalents and 515 company-operated stores, about 95 percent of which were open during the quarter.
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