Lululemon: Reports 68 Pct Jump In DTC Revenue
- Lululemon Athletica said, direct-to-consumer (DTC) net revenue jumped 68 percent for the first quarter of fiscal 2020
- The activewear company reported gross margin of 51.3 percent, which marked a 260 basis point decline compared to the same quarter the previous year
- Lululemon said its stores and distribution facilities are running with procedures implemented such as physical distancing
- All of the brand’s stores in Europe, North America and some Asia Pacific nations shuttered for much of the quarter
- The company had $823M in cash and cash equivalents as of May 3 and a $398.2 million capacity under its “committed revolving credit facility.”
- Lululemon reported $652 million in net revenue, which was 17 percent less than the first quarter of fiscal 2019
