Lululemon profits at £249m thanks to international growth

// Lululemon Q1 gross profit up 22% to £249.32m
// Revenues up 20% to £462.51m
// Lululemon expects net revenue to be around £487.7m) to £493.6m

Lululemon has announced a 22 per cent rise in its first-quarter gross profit ended May 5 to $421.7 million (£249.32 million).

During the period, the athletic apparel retailer saw its revenues jump 20 per cent to $782.3 million (£462.51 million) thanks to product innovation and international expansion.

Meanwhile, direct-to-consumer net revenue rose by 33 per cent and represented 26.8 per cent of total net revenue, compared to 24.3 per cent for the same period last year.

Lululemon now expects its net revenue to be around $825 million (£487.7 million) to $835 million (£493.6 million) for the second quarter of 2019.

“Lululemon continues to see strong momentum across the entire business,” Lululemon chief executive Calvin McDonald said.

”I’m inspired by our teams who are executing at high levels, and I want to thank everyone across the globe for their passion and dedication to the brand. I look forward to the opportunities ahead of us, and delivering on our Power of Three five-year vision.”

Lululemon ended the quarter with a 455-worldwide store portfolio.

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