Lululemon Athletica Inc. on Thursday posted double-digit gains in profits and revenues for the fourth quarter and full year, noting that it reached the $1 billion revenue mark for the year.
For the three months ended Jan. 29, income attributable to Lululemon rose 34.2 percent to $73.5 million, or 51 cents a diluted share, from $54.8 million, or 38 cents, in the year-ago quarter. While gross profit for the quarter rose 45.7 percent, it fell by 2.2 percent as a percentage of net revenue to 56.3 percent from 58.5 percent. Revenue rose 51.4 percent to $371.5 million from $245.4 million. The company said comparable-store sales rose 26 percent, while direct to consumer revenue increased 103.6 percent to $50.1 million. Diluted earnings per share reflect the two-for-one stock split on July 8.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"