Lululemon revenues soar by 24% as sales reach $1.7 billion

Lululemon Athletica Inc. reports its revenue soared by roughly 24 per cent in its most recent quarter.

The Vancouver-based maker of athletic and yoga wear says its revenue amounted to $1.7 billion in its fourth quarter, up from $1.3 billion the year prior.

The company recorded a net income of about $329 million for the period ended Jan. 31, up from $298 million in 2019.

Lululemon’s diluted earnings per share reached $2.52, compared with $2.28 in the fourth quarter of 2019.

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Analysts on average had expected Lululemon to report diluted earnings of $2.47 per share, according to Thomson Reuters Eikon.

While many retailers have struggled during the COVID-19 pandemic, Lululemon’s sales have remained strong as people working from home purchase more comfortable attire.