(Provides background, particulars from press launch) Dec
(Provides background, particulars from press launch)
Dec 10 (Reuters) – Lululemon Athletica Inc beat
quarterly income estimates on Thursday, as clients spent extra
on yoga pants and athleisure attire for residence exercises throughout
the COVID-19 pandemic.
Strong demand for residence exercise put on has been the driving
power behind the corporate’s progress as shoppers want socially
distant exercises because of the pandemic.
The corporate has additionally been ramping up advertising spending on
Mirror, acquired earlier this yr for $500 million, to
capitalize on booming demand for on-line exercise lessons. The New
York-based startup makes $1,500 mirror-like video displays and
provides month-to-month subscriptions for reside exercise lessons.
Web income rose 22% to $1.12 billion within the third quarter
ended Nov. 1, beating analysts’ common estimate of $1.02
billion, in keeping with IBES knowledge from Refinitiv.
The corporate reported a internet revenue of $143.6 million, or
$1.10 per share, within the third quarter, in contrast with $126
million, or 96 cents per share, a yr earlier.
(Reporting by Uday Sampath and Mehr Bedi in Bengaluru; Enhancing
by Shinjini Ganguli)
(([email protected]; inside U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday ;))
Key phrases: LULULEMONATHLETICA INC RESULTS/ (UPDATE 1)
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