Lululemon sees Q1 net income hit $321M, revenues up 10 per cent

The Lululemon logo is seen on a wall at the company's headquarters, in Vancouver, on Thursday, May 25, 2023. (Darryl Dyck/The Canadian Press)

Lululemon Athletica Inc. says its net income reached US$321 million in its first quarter, up from US$290 million a year earlier.

The Vancouver-based apparel retailer's net revenue for the period ended April 28 amounted to US$2.2 billion compared with about US$2 billion a year prior.

The company, which reports its earnings in U.S. dollars, says its international net revenue alone was up 35 per cent from a year ago, while its net revenue attributable to the Americas rose by three per cent over the same period.

Diluted earnings per share for Lululemon's first quarter were US$2.54, compared with US$2.28 a year before.

The company says the results reflect consumers responding well to its products and the efforts it has undertaken to optimize the merchandise it offers in the U.S.

The results come days after Lululemon's board of directors approved a US$1 billion increase to the company's stock repurchase program.

This report by The Canadian Press was first published June 5, 2024