Profits rocket at activewear brand Lululemon
Canadian activewear brand Lululemon has announced income from operations $705.8m for 2018, an increase of 55% compared to fiscal 2017, while net revenue hit $3.3bn (up 24%). The company's chief said it was one the brand's strongest years yet.Gross profit was also up 30% at $1.8bn and the company said it ended the year with 440 stores.
Lululemon, which has been at the vanguard of the global athleisure trend, repurchased 4.9m shares of its own common stock and its board of directors has approved an additional stock repurchase program for up to $500million of its common shares in the open market at prevailing market prices.
Calvin McDonald, Chief Executive Officer, commented: "Lululemon has delivered one of its strongest years yet, a result of broad-based strength across the business. 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."