Lululemon Athletica Inc.’s new chief executive officer has certainly joined at a good time.
Calvin McDonald started his job 10 days ago, just in time to unveil the yoga-centric athleticwear company’s impressive set of second-quarter results, sending shares as high as 8.2 percent.
The Vancouver-based retailer’s net income was $95.8 million, or 71 cents a share, in the three months ended July 29, almost double the $48.7 million recorded a year earlier and dwarfing analysts’ estimates of $66.5 million, or 49 cents a share.
Revenue, meanwhile, was $723.5 million in the second quarter, an increase of 25 percent compared to the same period in 2017, while comparable sales were 20 percent higher.
Lululemon is now expecting net revenue to be in the range of $3.185 billion to $3.235 billion, up from its previous forecast of $3.04 billion and $3.075 billion.
“I’d like to congratulate the team on the tremendous results we’ve just posted for quarter two, and the strong momentum we’re now seeing into quarter three. I’m very excited to now be part of helping to create the next chapter of growth that Lululemon as we continue to build on this success,” McDonald told investors during a call, adding that this was his dream job.
He was previously president