Lululemon posted $1.45 billion in second-quarter earnings, a 61% rise from the same period last year, when the pandemic had shuttered much of its in-person retail.
The growth represents more than just a pandemic bounce back: Revenue was also up 64% from Q2 2019.
The apparel maker benefitted from in-person retail returning but sustained no loss to its e-commerce business.
- Net revenue at Lululemon’s retail outlets grew 142% to $695.1 million.
- Direct-to-consumer sales grew 4% on a constant-dollar basis to $597.4 million.
- Net income of $208 million was up 140% year-over-year and 66% from the same period in 2019.
- Revenue bested analyst predictions by around $110 million or 8%.
After the report, Lululemon’s stock shot up by around 13% in extended trading.
CFO Meghan Frank lauded Lululemon’s growth while acknowledging that the pandemic is still affecting the company’s supply chain. The company predicted similar third quarter earnings of $1.4 billion to $1.43 billion.
Lululemon is also working to expand its athleisure offerings for men.