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Bloomberg
Lululemon Athletica Inc reported an acceleration of sales growth in the latest quarter, but refrained from offering an outlook for the current year because of the uncertainty caused by the coronavirus outbreak.
The Vancouver-based retailer, which has closed many locations amid the health crisis, said the key metric of comparable sales, a gauge of retail success, accelerated to 20% in the quarter that ended on February 2. It’s the company’s ninth straight quarter of double-digit same-store sales growth.
While it’s expanding overseas, especially in China, Lululemon still relies on North America for about 88% of its revenue, a region where the virus shows no sign of relenting. The company has closed stores in Europe and North America until April 5.
An increase of 41% in direct-to-consumer revenue suggests the firm’s e-commerce push is paying off.