Lululemon Athletic Q1 net revenue up by 53 percent

Lululemon Athletica has reported an increase in net revenue by 53 percent to $285.7 million for the first quarter ended April 29, 2012. Comparable store sales increased by 25 percent on a constant dollar basis. Direct to consumer revenue increased 179 percent to $38.4 million, an increase from 7.4 percent of total company revenues in the first quarter of fiscal 2011. Gross profit for the quarter increased 43 percent to $157.3 million.

Christine Day, lululemon's CEO, stated: “Our strategy to increase inventory levels led to strong revenue growth and earnings performance in the first quarter as our guests responded well to our spring styles and colors."

Income from operations for the quarter increased 41 percent to $73.1 million, and as a percentage of net revenue was 25.6 percent compared to 27.7 percent of net revenue in the first quarter of fiscal 2011. Diluted earnings per share for the quarter were $0.32 on net income of $46.6 million, compared to diluted earnings per share of $0.23 on net income of $33.4 million in the first quarter of fiscal 2011.

Lululemon Athletica is a yoga-inspired athletic apparel company . After 20 years in the surf, skate and snowboard business, founder Chip Wilson took the first commercial yoga class offered in Vancouver and found the result exhilarating. Founded in 1998, lululemon's first real store opened in the beach area of Vancouver BC called Kitsilano, in November of 2000.