Sportswear retailer Lululemon has reported strong results for the Q1 period of fiscal year 2023, with its net revenue up 24 percent hitting two billion dollars.
The rise was particularly driven by international sales, for which revenue had increased 60 percent compared to 17 percent in North America.
Comparable store sales also rose 16 percent, while its direct-to-consumer net revenue was up 18 percent.
Meanwhile, its diluted earnings per share hit 2.28 dollars, up from 1.48 dollars in the same period last year.
The company said the figures demonstrate ongoing momentum and a strong runway for growth, as set out in its ongoing Power of Three x2 strategy.
In a release, Meghan Frank, chief financial officer, commented: "Our Q1 results were strong as guests responded well to our product offering in all our markets across the globe.
“A meaningful acceleration in our China sales trend, coupled with lower air freight, contributed to our better than planned financial performance.
“We are pleased with our momentum heading into the second quarter and for the full year as reflected in our revised outlook for FY23."
In light of the positive start, Lululemon raised its net revenue expectations for Q2 FY23 to be in the range of 2.140 billion dollars to 2.170 billion dollars, representing 15 percent growth.
Meanwhile, the company forecast its diluted earnings per share to also be up in the range of 2.47 to 2.52 dollars.
For the full FY23, the company is now expecting its net revenue to come into the range of 9.440 to 9.150 billion dollars, at a 17 percent growth.