Comparable sales for Lululemon climbed 6 per cent, translating to a 7 per cent rise on a constant dollar basis. While comparable sales in the Americas remained flat compared to Q1 FY23, international comparable sales soared by 25 per cent, or 29 per cent on a constant dollar basis.

Gross profit for the quarter increased by 11 per cent, reaching $1.3 billion. The gross margin also saw a slight improvement, increasing by 20 basis points to 57.7 per cent. Despite this, income from operations grew by 8 per cent to $432.6 million, while the operating margin experienced a decrease of 50 basis points, settling at 19.6 per cent, the company said in its Q1 FY24 results.

Lululemon’s diluted earnings per share (EPS) were $2.54, a significant rise from $2.28 in the first quarter of FY23.

The company concluded Q1 FY24 with a total of 711 company-operated stores, reflecting its continued expansion and strong market presence.

"In the first quarter, we saw strong momentum in our international markets, demonstrating how our brand continues to resonate around the world. Guests responded well to our product innovations across categories, and we are pleased by the progress we are making to optimise our US product assortment. Looking ahead, we continue to have a significant runway for growth and are confident in our team’s ability to powerfully deliver for our guests in 2024 and beyond," said Calvin McDonald, chief executive officer.

Fibre2Fashion News Desk (DP)