(Filed Under Financial and General Interest News). Canadian activewear company Lululemon Athletica, Inc. cited a net revenue increase of six percent for the first quarter ended May 3, 2009. This brings it up to $81.7 million from $77 million during the same time last year. June 11th, the day the financials were released, Lululemon saw its shares drop, despite the positive news. It wasn't until a Goldman Sachs analyst upgraded the shares on June 12th that the company's stocks saw a rise.
Lululemon's income from operations was at $9.9 million, or 12.1 percent of net revenue, compared to $11.9 million, or 15.5 percent, in the first quarter of 2008.
"We continue to manage the long-term brand expansion while delivering against our short-term commitments," said Christine Day, Lululemon's CEO. "Given the troubled outlook for the economy in early 2009 when we began the quarter, we are pleased with the current space of our business and our ability to continue to bring our customers through our doors to make full price purchases. We remain committed to the quality of our products and our ongoing innovation."
Inventory at the end of the quarter totaled at $44.6 million, compared to $52.1 million at the end of fiscal 2008.
For further information, contact Joseph Teklits or Jean Fontana at (203) 682-8200.see more
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