Lululemon Athletica Inc. (NASDAQ: LULU) has launched a new personal care product line with four new products in an effort to expand outside its core apparel category. The products include a dry shampoo, deodorant, face moisturizer and lip balm.
The new products will be available online on the company’s
website, in 50 lululemon stores, at select studio partners across North America,
and on Sephora.com.
Lululemon topped expectations on its first quarter 2019
results announced last week. Revenue rose 20% while earnings improved 34%
year-over-year. Total comparable sales increased 14%. The company is seeing
good growth across its core categories.
For both the second quarter and full year of 2019, the
company expects total comparable sales to increase in the low double digits on
a constant dollar basis.
Two months ago, the retailer disclosed its five-year growth plan called “Power of Three” which will run until 2023. As part of the strategy, the three new focus areas in the near future will be menswear, digital sales, and international expansion.
Lululemon’s shares have climbed 54% year to date and 32% over the past three months. The stock was up 2.3% in afternoon trade on Tuesday.