Lululemon has recorded strong sales and revenue growth that “exceeded expectations” as it continues to enhance its business model and product offering.

The athleisure brand reported a net revenue increase of 18% to $2.2bn (£1.74bn) in the second quarter of 2023 compared to the same period last year. 

Net revenue rose 11% in North America and 52% internationally, while gross profit soared 23% to $1.3bn (£1bn).

Total comparable sales increased 11% and comparable store sales increased 7%, or 9% on a constant dollar basis.

Lululemon said it expected net revenue to be in the range of $2.17bn (£1.70bn) to $2.19bn (£1.72bn) in the third quarter of 2023, representing growth of 17% to 18%.

Chief executive Calvin McDonald said: “Our Q2 results highlight the ongoing strength of the business amid a dynamic operating environment. I am proud of how our teams continue to deliver on our vision and offer an exciting pipeline of new products and experiences to our guests around the world. Our continued ability to gain market share and bring new customers into the brand illustrates the significant runway ahead for Lululemon.”

Chief financial officer Meghan Frank added: “Our performance remained strong in Q2 as revenue exceeded our expectations. Our ongoing momentum is a reflection of our portfolio approach to growth, differentiated business model and innovative product assortment.”

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