Lululemon reported a first-quarter sales decline of 17%, as its strong digital business wasn't enough to offset the losses from its stores being temporarily shut due to the coronavirus pandemic.
Here's how the company did during its fiscal first quarter ended May 3:Net income came in at $28.6 million, or 22 cents per share, compared with $96.6 million, or 74 cents a share, a year ago.The company said its e-commerce sales totaled $352 million, making up 54% of total revenue, compared to $209.8 million, or 26.8% of total revenue, a year ago.
Analysts were expecting the company to earn 23 cents per share on revenue of $688.4 million, according to Refinitiv estimates. However, the impact from the Covid-19 crisis makes these estimates difficult to compare to actual earnings.Lululemon shares are up more than 33% this year. The company has a market cap of $40.2 billion.
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