Lululemon profits increase to $94.4 million in Q3, despite Ivivva closures
|Toronto Star 06 Dec 2018 at 15:10|
VANCOUVERâ€”Lululemon Athletica Inc. says it earned $94.4 million in its third quarter, up from the $72.3 million it made the year before.
The Vancouver-based apparel company says its earnings per diluted share amounted to 71 cents per share, compared to 43 cents per share in the third quarter of 2017.
According to Thomson Reuters Eikon, Lululemon beat analyst expectations, which suggested the company would report a $92.5 million profit.
Lululemon says its total net revenue increased by 21 per cent to $747.7 million and was primarily fuelled by the opening of 38 new stores across Asia, Europe, Canada and Australia.
The increase in net revenue was partially offset by a decrease of $9.3 million, caused by the foreign exchange rate and the closure of 48 of its Ivivva brand stores.
Meanwhile the companyâ€™s e-commerce efforts netted it $476.9 million, compared to $425.1 million the year before.