Lululemon plans to launch a footwear line in early 2022 as the retailer builds off its current sales momentum. The news came on the heels of a very positive Q3 2020 earnings report: Lululemon posted a 22% revenue increase, to $1 billion, driven by a 19% comparable store sales increase.
Lululemon didn’t offer further details on its future plans, but CEO Calvin McDonald noted that the retailer has “a number of innovations” across its fitness activity base that it will introduce throughout 2021 and into 2022, according to an earnings call.
The company isn’t just innovating across fitness categories — Lululemon has been improving its capabilities across retail channels as well. While comparable store sales fell 17% due to the continued impact of the pandemic during the latest quarter, this was more than offset by a 94% increase in the brand’s DTC segment. This brought DTC to 42.8% of total net revenue, compared to 26.9% for Q3 of fiscal 2019, which has been key to helping the brand thrive during the pandemic.
“Our third quarter results demonstrate the strength of lululemon across channels and markets, both in North America and around the world,” said McDonald in a statement. “Our product innovations, investments in the ecommerce business and strategic acquisition of MIRROR position us well to serve our guests as their needs evolve across both physical and digital experiences.”
Article courtesy of Retail TouchPoints here