Lululemon Athletica Inc. posted additional gains in sales and profit to close out its current fiscal year, showcasing the apparel company’s continued resilience during a time when soaring coronavirus cases shifted more consumer spending online.
The company reported $1.7 billion in net revenue for the quarter ended Jan. 31, a 24% increase from the same period a year earlier. More than half of net revenue came from selling directly to consumers, compared with 33% in the fourth quarter of 2019. Comparable sales-which typically include stores open at least a year and e-commerce-increased 21%, powered by online sales.
Last quarter, Lululemon executives expressed uncertainty about the holiday season, as elevated Covid-19 cases led governments across the country to reimpose constraints on bricks-and-mortar stores. Both full-year and quarterly results surpassed the company’s expectations, Chief Executive Calvin MrDonald stated on a conference call with analysts on Tuesday.