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Dec 9, 2021

Lululemon Q3 profits up 30% despite supply-chain challenges

We have enough inventory inbound to support guidance we’ve provided: Lululemon CEO

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VANCOUVER -- Lululemon Athletica Inc. says its net profits surged more than 30 per cent in its latest quarter on a strong boost in revenues despite industry supply-chain challenges.

The Vancouver-based athletic clothing company, which reports in U.S. dollars, says it earned US$187.8 million or US$1.44 per diluted share in the third quarter. That's up from US$143.6 million or US$1.10 per share a year earlier.

Adjusted profits increased nearly 40 per cent to US$211.3 million or US$1.62 per share, up from US$151.3 million or US$1.16 per share in the third quarter of 2020.

Revenues for the three months ended Oct. 31 were US$1.45 billion, compared with US$1.12 billion in the prior-year quarter.

Lululemon was expected to earn US$1.41 per share in adjusted profits on US$1.44 billion of revenues, according to financial data firm Refinitiv.

Total comparable sales, a key retail metric, increased 27 per cent. E-commerce net revenues increased 23 per cent to US$586.5 million and represented 40.4 per cent of net revenues, down from 42.8 per cent in the third quarter of 2020.

"Our third quarter results demonstrate the ongoing strength of Lululemon and the tremendous growth potential of the business in both the near- and long-term," stated CEO Calvin McDonald.

Chief financial officer Meghan Frank said the company was pleased with the results "given the ongoing, industry-wide supply chain issues we continue to navigate."

The chain has 552 stores, a net increase of 18 during the quarter