lululemon’s revenue declines 17%


June 14, 2020 | By RetailME Bureau

Canadian athleisure brand lululemon athletica’s revenue has declined 17% during the first quarter of fiscal 2020, compared to the same period in 2019, and stood at $652 million.

The decline is due to temporary store closure amidst the COVID-19 pandemic. lululemon stores in North America, Europe and certain countries in Asia-Pacific were closed for a significant portion of the quarter. Subsequent to May 3, 2020, the company began reopening its retail locations in these markets in line with the guidance from local authorities. As of June 10, 2020, 295 of its company-operated stores were open.

During this period, lululemon’s direct to consumer net revenue increased 68%, and represented 54% of total net revenue, compared to 26.8% for the first quarter of fiscal 2019.

“I’m proud of how lululemon has navigated these unexpected and unprecedented times. We are learning more every day about our guests – how they enjoy interacting with us online and what makes them comfortable as stores reopen. Our strong digital business demonstrates the strength of our guest connection and the long-term opportunity to create further omni-experiences going forward,” said CEO, Calvin McDonald.

lululemon athletics is part of Majid Al Futtaim Fashion in the Middle East.

 

For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



UAE-based concept grocery retail chain, Grandiose has opened a new supermarket within 

Continue Reading

November 22, 2020 | By RetailME Bureau

US-based fast food chain, Nathan’s famous Inc. brings another New York classic, 

Continue Reading

November 12, 2020 | By RetailME Bureau

Dubai-based Union Coop, the leading Consumer Cooperative in the UAE, opened its 

Continue Reading

November 11, 2020 | By RetailME Bureau

UAE homegrown marketplace, Noon.com has announced its Yellow Friday sale from November 

Continue Reading

November 5, 2020 | By RetailME Bureau

UAE-based Al Maya Group officially launched an exclusive range of Woolworths products 

Continue Reading

October 30, 2020 | By RetailME Bureau

Abu Dhabi headquartered LuLu Group has opened its latest hypermarket at Khalifa 

Continue Reading

October 29, 2020 | By RetailME Bureau

elGrocer, the grocery delivery app with ties to some of the major 

Continue Reading

October 25, 2020 | By RetailME Bureau

Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau




Download Images RetailME Magazine