Total comparable sales grew 14%, based on a shifted calendar. Comparable store sales rose 6% while direct-to-consumer net revenue increased 33%. Direct-to-consumer revenue represented 26.8% of total net revenue compared to 24.3% last year.
Net income was $96
million, or $0.74 per share, compared to $75 million, or $0.55 per share, in
the year-ago period.
At the end of the
quarter, inventories increased 19% to $443 million and the company’s store
count stood at 455 stores.
For the second
quarter of 2019, the company expects revenue of $825-835 million based on a
total comparable sales increase in the low double digits on a constant dollar
basis. EPS is expected to be $0.86-0.88.
For the full year of 2019, Lululemon expects sales of $3.73-3.77 billion based on a total comparable sales increase in the low double digits on a constant dollar basis. The company estimates EPS to come in the range of $4.51-4.58.
In April, the apparel retailer unveiled its five-year growth plan called “Power of Three” running until 2023. The company believes the new strategy would be a tailwind to power its next phase of growth. As part of the strategy, the three new focus areas in the near future will be menswear, digital sales, and international expansion.
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