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.Retail Dive