Activewear brand Lululemon has seen a 7 per cent increase in its net revenue to US$2.4 billion in the first quarter of this year, with its comparable sales rising by 1 per cent, as compared to the same period last year.

Net revenue in the Americas rose by 3 per cent, while its international revenue increased by 19 per cent. 

The company’s gross profit increased by 8 per cent to US$1.4 billion, with its gross margin rising to 58.3 per cent. 

The company reported a 1 per cent increase in income from operations, reaching US$438.6 million, but saw a decrease in its operating margin to 18.5 per cent. 

Lululemon added three net new stores during the first quarter of this year ending the period with 770 stores.

“We delivered first quarter revenue growth at the high end of our guidance and are pleased with the start to our second quarter,” said CFO Meghan Frank.

Looking ahead, Lululemon expects its net revenue to be in the range of US$2.53 billion and US$2.56 billion, representing a growth of between 7 per cent and 8 per cent, for the second quarter of this year. 

The company expects its net revenue for the whole year to be in the range of US$11.15 billion to US$11.3 billion. 

“As we navigate the dynamic macroenvironment, we intend to leverage our strong financial position and competitive advantages to play offense, while we continue to invest in the growth opportunities in front of us,” said CEO Calvin McDonald.