lululemon’s revenue declines 17%

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.