Adds details from release, background
Sept 8 (Reuters) – Lululemon Athletica Inc LULU.O 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.
Net 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.
(Reporting by Mehr Bedi and Nivedita Balu in Bengaluru; Editing by Krishna Chandra Eluri)
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