Lululemon Reopens 60% of Stores

by Katie Lee

Dover, Del. — Lululemon, a provider of athletic apparel that is based in Canada but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60% of its worldwide locations.

The company released the results of its fiscal first quarter, which ended on May 3, and posted a decline of 17% in net revenue from approximately $785 million to $652 million relative to the first quarter of 2019.

In February, at the beginning of the company’s fiscal year, Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and North America stores in March.

Lululemon said in the filing that it would not provide financial projections for future quarters, but that it ended the first period with $823 million in cash, compared to $576 million in cash at the end of the first quarter of 2019. Lululemon’s stock price opened at $302.84 per share on June 12, up from $170.89 per share a year ago.

— Taylor Williams

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