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Lululemon profits rocket

Canadian activewear giant Lululemon has announced a 30% rise in gross profit to $1.8bn (£1.37bn) for the year to 24 February 2019.

Revenues at the yoga retailer also shot up by 24% to $3.3bn (£2.5bn).

Direct-to-consumer net revenue soared by 45%, while comparable store sales rose 7%.

Lululemon highlighted product innovations – including category expansion – and menswear as some of its fastest-growing sectors.

In Asia “market growth” was 70% in the fourth quarter, driven by 140% growth in China.

In Europe market growth was almost 60%.

Commenting on the results, CEO Calvin McDonald said: “Lululemon has delivered one of its strongest years yet – a result of broad-based strength across the business.”

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