Lululemon posts positive second quarter fiscal 2018 results
The Vancouver-based apparel company, Lululemon, has confirmed its financial results for the second quarter.
The firm posted positive results as it showed a net revenue of $723.5mn, which saw an increase of 25% in comparison with the second quarter of fiscal 2017.
It was reported that comparable sales rose 20% as well as direct to consumer net revenue rising 48%.
Following the appointment of new Chief Executive, Calvin McDonald, two weeks ago, the company comfortably beat its expectations for the period, which ended on 29 July.
“We are very pleased with the consistent performance of our business,” said Glenn Murphy, Chairman of the Board.
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“On behalf of the Board, I want to welcome Calvin McDonald to lululemon and thank our management team for delivering these incredible results.”
Lululemon also revealed a gross profit of $396.2mn which was a considerable increase of 33% compared with the second quarter of fiscal 2017.
“We’re pleased to see the great results of Q2 across all parts of our business now extending into the current quarter,” said Stuart Haselden, Chief Operating Officer.
“This ongoing success positions us to achieve our 2020 goals and beyond. Above all, we want to thank our educators and teams around the world who make this possible.”