Vancouver-based Lululemon Athletica (NASDAQ:LULU) reported that its net profits rose more than 30% in its latest quarter despite global supply chain challenges.
The athletic clothing company, which reports in U.S. dollars, said it earned $187.8 million U.S. or $1.44 U.S. per share in the third quarter. That’s up 31% from $143.6 million U.S. or $1.10 U.S. per share a year earlier.
Lululemon’s revenues for the three months ended October 31 were $1.45 billion U.S. compared with $1.12 billion U.S. a year earlier.
Lululemon was expected to earn $1.41 U.S. per share in adjusted profits on $1.44 billion U.S. of revenues, according to financial data firm Refinitiv.
Total comparable sales, a key retail metric, increased 27%. E-commerce net revenues increased 23% to $586.5 million U.S. and represented 40.4% of net revenues, down from 42.8% in the third quarter of 2020.
The retail chain now has 552 stores across North America, a net increase of 18 during the third quarter. Lululemon stock was down 1% in premarket trading on the earnings results. Year-to-date, the company’s stock has risen 17% to $416.92 per share.