Lululemon says sales are skyrocketing but supply chain remains a concern

Even though Lululemon reported surging sales on Wednesday and forecast a strong holiday season, the athleisure company has issued a note...


Even though Lululemon reported surging sales on Wednesday and forecast a strong holiday season, the athleisure company has issued a note of caution due to the plant linked to the pandemic. closures in Vietnam, echoing concerns about the global supply chain voiced by many clothing retailers in recent weeks.

“A third of our global supply comes from Vietnam, so we’re definitely in the market,” Calvin McDonald, managing director of Lululemon, said in an interview. “We are encouraged by the recent news of a gradual opening in South Vietnam, but we continue to work with our partners, to move and, if necessary, to take advantage of air freight and other means to bring our goods in. fall and winter. “

He added that even though the company’s forecast predicted strong sales and profits for the remainder of the year, “we could have stretched out and done even more,” without the supply chain disruptions.

Lululemon was one of the few clothing retailers to thrive during the pandemic. Customers flocked to its pricey sports and exercise clothes while stuck at home, and the company made inroads into virtual fitness with last year’s acquisition of Mirror, a wall-mounted device for streaming workouts. Mr McDonald said Lululemon, which has more than 500 stores worldwide, will have 200 shop-in-shops featuring Mirror in North America by Black Friday.

The company said wednesday that its net sales jumped 61% to $ 1.5 billion in the second quarter, as many customers returned to shop in-store. Its net profit reached $ 208 million from $ 86.8 million in the same period last year.

Lululemon expects another boom year despite supply chain issues and expects its annual net sales to be between $ 6.19 billion and $ 6.26 billion. The company had annual revenue of $ 4.4 billion for the fiscal year ended Jan. 31, up from $ 3.98 billion the year before. Its net income fell to $ 589 million last year from $ 646 million in the prior period.

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Newsrust - US Top News: Lululemon says sales are skyrocketing but supply chain remains a concern
Lululemon says sales are skyrocketing but supply chain remains a concern
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