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Lululemon (NASDAQ:LULU) reported a 29% year-over-year increase in second-quarter revenue to $1.87 billion, surpassing analysts’ estimates of $1.77 billion. Net income reached $289.5 million.
Compared to the second quarter of 2019, revenue ballooned 112%, or $1 billion.
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Lululemon’s revenue increases stretched across the company.
- The company’s North American revenue jumped 28%, and international revenue spiked 35%.
- Direct-to-consumer revenue increased more than 30% — representing 42% of total net revenue — with comparable store sales increasing over 16%.
Lululemon opened 21 company-operated stores during the quarter, totaling 600 stores, and reported growth in every country that has an active store. Executives said on Thursday’s earnings call that store traffic increased 30%, while ecommerce jumped 40%.
The company ended the quarter with $1.5 billion in inventories, an 85% increase from last year.
Looking Ahead
Lululemon’s loyalty program, which was announced at the end of Q1, is launching this fall. It has a free tier and a paid tier at $39 per month that gives members access to product drops and exclusive items.
In July, Lululemon announced plans to open two stores in Spain in September, marking the company’s first new European market since 2019.
The company maintains its outlook of doubling net revenue to $12.5 billion from 2021 to 2026.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.