Sales reports are out and Lululemon is more successful than ever. The athletic wear company reported a massive spike in sales in the last year. The company had a really strong holiday season and have been riding that wave ever since. So much so that their stock prices just had a massive jump too.
In this last quarter for the company, their net profit was over $218 billion US. This is a more than 80% increase from this same time last year when their profit was just over $119 billion US. That's almost a $100 billion dollar increase. To match the increase in sales stocks also rose by 10% last night, making the total growth from this time last year 21%.
Lululemon CEO Calvin McDonald told investors and analysts that this massive growth made the past year one of the strongest that the company had ever had. He also highlighted one of the biggest areas for growth, and it may be surprising. According to McDonald, the product with the biggest growth and future potential is actually their menswear.
The company's sales in menswear, specifically their men's bottoms, have increased by 28% in the past year, which is a bigger growth than even their women's clothing lines, making it their best selling product.
Their men's selection has grown a lot lately, especially their bottoms, making it their best selling product. This category now includes pants, joggers, shorts, tights, swimwear, and even underwear.
On top of the men's clothing they already have available, there have also been reports that they are planning to introduce even more menswear to their line up since it is an area for future growth.
In that same call with analysts, the company even said they hope to one day be a dual-gender store with just as much selection for men as they have for women.
Lululemon says it is also hoping to further growth by expanding into more international markets by launching websites in more countries around the world.