In the second quarter ended July 30, Lululemon's North America sales rose 11% as its affluent customer base picked up more of its workout gear and crossbody bags.
Sales in China, which accounted for roughly 12% of overall revenue, increased 61% thanks to resilient demand following the easing of pandemic curbs.
Lululemon said inventories increased 14% in the second quarter, below the roughly 20% growth forecast in June.
The company's gross margins increased 230 basis points to 58.8% in the second quarter.
It expects annual profit between $12.02 and $12.17 per share.
Persons:
Andrew Kelly, Lululemon, Calvin McDonald, Rachel Wolff, Granth, Maju Samuel
Organizations:
REUTERS, North, Lululemon's, Nike, Thomson
Locations:
Manhattan , New York, U.S, Lululemon's North America, United States, China, Bengaluru