As many in the retail industry report challenges, Lululemon outperformed in the second quarter, with revenue up 18% year over year to $2.2 billion. Comps were up 11%, according to a company press release.
Profits were also up by double digits, with operating income growing 19% and net income increasing by 18% to about $342 million. Gross profit was up 23%, to $1.3 billion.
Lululemon upped its store opening plans for the year, now aiming for 55 net new stores by the end of the year, compared to previous estimates of about 50. Twenty-three of them will open in Q3, Chief Financial Officer Meghan Frank said on a call with analysts.
Source: Retail Dive
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 