Lululemon Athletica (NASDAQ:LULU), a renowned athletic apparel retailer, has reported a robust performance for the second quarter of 2024, with revenues climbing 7% to reach $2.4 billion.
This growth reflects a steady demand for the brand’s premium sportswear and lifestyle offerings.
The company also saw a modest increase in comparable sales, which rose by 2% overall, or 3% on a constant currency basis.
Notably, Lululemon achieved a significant improvement in its profitability metrics.
The diluted earnings per share (EPS) for the quarter were $3.15, marking a substantial rise from the $2.68 reported in the corresponding period last year.
While gross profit witnessed a 9% increase, totalling $1.4 billion, income from operations surged by 13% to $540.2 million.
Amidst the quarter's financial achievements, Lululemon also continued its strategic expansion, adding 10 new company-operated stores and closing the quarter with a total of 721 stores globally.
This expansion is part of the company’s ongoing efforts to increase its footprint and connect with more customers worldwide.
Additionally, Lululemon demonstrated its commitment to enhancing shareholder value through an aggressive share repurchase program, buying back 1.9 million shares at a cost of $583.7 million.
As of the time of writing this report, Lululemon's share price stood at $259.01.