November 20, 2020
Net income more than doubled to $265 million from $125 million in the key third quarter ended Oct. 31 as sales jumped 9% to $2,106 million from $1,932 million on a surprisingly strong 7.7% comp following a stimulus-propelled 18.6% comp in the second quarter.
The bottom line grew more than ten-fold in the third quarter to $25,266,000 up from $2,265,000 on a 20% increase in revenues to $331,383,000 against $275,475,000 including a +17.5% brick-and-mortar comp and 51% higher e-commerce sales.
Lululemon elevated Meghan Frank to chief financial officer, replacing Patrick Guido, who left the company last spring to join Asbury Automotive Group.
The gains were driven by handgun imports that more than doubled to 338,100 units, including a 119% jump in pistols and a 19% gain in revolvers, according to ITC data compiled by the NSSF.