Sept 8 (Reuters) – Lululemon Athletica Inc beat quarterly revenue estimates on Tuesday, boosted by a surge in online sales of yoga pants and other athleisure apparel to consumers spending more time at home.
A shift to remote working and at-home exercise around the globe due to the COVID-19 pandemic has increased demand for comfortable athletic clothing.
Lululemon said its direct-to-consumer business, which includes its online platform, rose 155% in the quarter.
The yogawear maker acquired at-home fitness company Mirror for $500 million in the reported quarter as it looks to diversify from apparel and capitalize on the booming demand for home workout classes spurred by coronavirus lockdowns. revenue rose 2.1% to $902.9 million in the second quarter ended Aug. 2, compared with estimates of $842.5 million, according to IBES data from Refinitiv.
The company reported a net income of $86.8 million, or 66 cents per share, in the quarter, compared with $124.99 million, or 96 cents per share, a year earlier.