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Venture, News

Vancouver-based Lululemon profits skyrocket by 87% over latest fiscal year: report

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Kenneth Chan Mar 28, 2019 1:33 pm 86

Lululemon Athletica’s latest fiscal report shows plenty of green, as the company has seen its profits rise by 87% in the latest fiscal year.

The Vancouver-based athletic clothing retailer saw a net income of USD $483.8 million in 2018 — up from USD $258.7 million in 2017.

Profits continued to rise in the most recent quarter ending on February 3, 2019, with the company reporting a net income of USD $218.5 million, which is an 82% increase from the USD $119.8-million profit during same quarter in the previous year.

The company’s net revenue in 2018 was USD $3.3 billion — an increase of 24% compared to fiscal 2017, with store sales up by 7% and direct-to-consumer net revenue increased by 45%.

For the most recent quarter, net revenue went up by USD $1.2 billion, which is an increase of 26% compared to the fourth quarter of 2017. During this period, store sales increased by 6% and direct-to-consumer net revenue went up by 37%.

“Lululemon has delivered one of its strongest years yet, a result of broad-based strength across the business,” said Calvin McDonald, CEO of Lululemon, in a statement.

“I’m thrilled that we achieved several of our 2020 goals ahead of schedule, and want to thank our teams for their passion, hard work and connection with our guests every day. We are energized to build upon our momentum and to seize the many opportunities ahead for Lululemon around the world.”

In the update, the company states its board of directors has approved a stock repurchase of up to USD $500 million of its common shares in the open market.

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