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Bolstered by Lockdown Measures, Lululemon Beats Earnings Estimates

A shift to remote working and at-home exercise around the globe due to the COVID-19 pandemic has increased demand for comfortable athletic clothing.
Lululemon sign | Source: Shutterstock
By
  • Reuters

VANCOUVER, Canada — Lululemon Athletica Inc. beat quarterly revenue estimates on Tuesday, boosted by a surge in online sales of yoga pants and other athleisure apparel to consumers spending more time at home.

A shift to remote working and at-home exercise around the globe due to the COVID-19 pandemic has increased demand for comfortable athletic clothing.

Lululemon said its direct-to-consumer business, which includes its online platform, rose 155 percent in the quarter.

The yogawear maker acquired at-home fitness company Mirror for $500 million in the reported quarter as it looks to diversify from apparel and capitalize on the booming demand for home workout classes spurred by coronavirus lockdowns.

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Net revenue rose 2.1 percent to $902.9 million in the second quarter ended August 2, compared with estimates of $842.5 million, according to IBES data from Refinitiv.

The company reported a net income of $86.8 million, or 66 cents per share, in the quarter, compared with $124.99 million, or 96 cents per share, a year earlier.

By Mehr Bedi and Nivedita Balu; editors: Krishna Chandra Eluri.

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