Luxury yoga wear firm Lululemon goes from strength to strength as men’s range proves a hit
Fine figures: Revenue at Lululemon has climbed 25 per cent to £556.7m
High-end yoga wear specialist Lululemon has flaunted impressive sales figures, boosted by growth in its men’s business.
The Canada-based retailer, whose leggings sell in the UK for up to £138, raised its outlook for the year as sales rose 20 per cent.
Revenue climbed 25 per cent to £556.7million, as online sales jumped by almost 50 per cent and the brand saw strong demand in China through its digital outlets.
Shares in Lululemon, which announced the second-quarter results late on Thursday night, shot up by almost 15 per cent in US morning trading yesterday.
Analysts at Susquehanna and RBC Capital said the company’s revised full-year revenue projections of between £2.4billion and £2.5billionn, up from £2.3billion to £2.4billion, were still likely to be ‘conservative’, adding to investors’ excitement.
The results will have been a pat on the back for new boss Calvin McDonald, who joined from make-up giant Sephora last month.
McDonald replaced Laurent Potdevin, who was ousted after the company accused him of falling short of its standards of conduct.
It later emerged he had been in a long-term relationship with a female designer at the company.
She resigned after the relationship began, but he brought her back as a contractor.
Her contract, however, was not renewed in January.