Lululemon Athletica said its fiscal first-quarter revenue soared 88%, topping analysts’ estimates, as shopper traffic steadily rebounded to its stores.
The athletic apparel maker also issued a strong forecast for its fiscal second quarter and raised full-year estimates, saying momentum for its brand is growing across all geographies.
In the first quarter ended May 2, 2021, revenue in stores operated by the company shot up to $536.6 billion, a 106% increase compared to the prior-year period, which was heavily impacted by store closures related to the Covid-19 pandemic. Quarterly direct-to-consumer revenue at Lululemon rose 55% year over year to $545.1 million.
Broken down by region, Lululemon’s revenues increased 82% in North America and 125% internationally.
Net income at the company totaled $145.0 million, or $1.11 per diluted share, compared to $26.6 million, or $0.22 per diluted share, in the same period in the previous year.
Many of Lululemon’s stores were closed for a significant portion of its first quarter last year. It shuttered all its stores in China in February 2020, followed by all stores in North America, Europe and some Asia Pacific countries in March to help curb the spread of COVID-19.
The widespread store closures dragged down the retailer’s revenue and profit in its first quarter of 2020, making the most recent quarter’s revenues particularly impressive in comparison.
The strong results pushed up expectations for Lululemon’s upcoming quarter, chief financial officer Meghan Frank said.
“Our momentum remains strong as we enter the second quarter, and we are raising our estimates for the year accordingly,” she said in a statement.