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Lululemon revenue rises five per cent

For the first quarter of this year Lululemon Athletica’s net revenue rose five per cent compared to the first quarter of last year. Lululemon Athletica is a Canadian athletic apparel retailer.

Total comparable sales decreased one per cent. Direct to consumer net revenue was flat. Gross profit was up seven per cent compared to the first quarter of fiscal 2016. Adjusted gross profit was up ten per cent from last year. Income from operations was down 21 per cent compared to the first quarter of fiscal 2016. Adjusted income from operations was up ten per cent.

The company will operate Ivivva, its active wear brand for girls, primarily as an e-commerce-focused business with a select number of stores in key communities across North America.

It plans to close approximately 40 of its 55 Ivivva stores and convert approximately half of the remaining stores to Lululemon branded stores. The retailer will also close all of its Ivivva branded showrooms and other temporary locations, and will streamline its corporate infrastructure.

The closures and restructuring may substantially be completed by the end of the third quarter of fiscal 2017. The company remains focused on owning its position as the global brand defining an active, mindful lifestyle.

 
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