Lululemon sees Q1 sales surge 20%

Athleisure brand Lululemon has posted a 20% increase in Q1 net revenues to $782.3m (£617m).

For the period ending 5 May 2019 the company revealed comparable store sales increased 6%, while direct to consumer net revenue increased 33%. Direct to consumer net revenue represented 26.8% of its total net revenue compared to 24.3% for the first quarter of fiscal 2018.

Lululemon also revealed gross profit of $421.7m (£333m), an increase of 22% compared with the first quarter of the previous year.

For the second quarter of fiscal 2019, Lululemon said it expects net revenue to be in the range of $825m (£651m) to $835m (£659m) based on a total comparable sales increase in the low double digits on a constant dollar basis. For the full fiscal 2019 it expects net revenue to be in the range of $3.7bn to $3.77(£2.9bn).

The company finished the year with 455 stores, including 14 in the UK and Ireland, and has its Europe flagship located on Regent Street.

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