Lululemon Athletica, a healthy lifestyle inspired athletic apparel company for yoga, running and sweaty pursuits, has announced its financial results for third quarter (Q3) FY20 ended on November 1. Net revenue for the quarter increased 22 per cent to $1.1 billion (Q3 FY19: $916.1 million). Net income for the period rose to $143.6 million ($126.9 million).
“Our third quarter results demonstrate the strength of lululemon across channels and markets, both in North America and around the world. Our product innovations, investments in the e-commerce business, and strategic acquisition of Mirror position us well to serve our guests as their needs evolve across both physical and digital experiences,” Calvin McDonald, chief executive officer at Lululemon Athletica, said in a press release.
Gross profit for the quarter grew to $627.3 million ($505.0 million). Selling, general and administrative expenses were $411.6 million ($329.2 million). Company’s income from operations increased to $204.9 million ($175.8 million).
Revenue in North America for Q3 FY20 jumped 19 per cent and increased 45 per cent internationally. While, direct to consumer net revenue surged 94 per cent for the reported period.
“Our performance this quarter was driven by strong omni momentum, with notable strength in conversion and increased traffic to our e-commerce sites.” Meghan Frank, chief financial officer at Lululemon Athletica, said. “We have planned the fourth quarter based on multiple performance scenarios and believe we are well positioned for the holiday season.”
