Shares of Lululemon Athletica (NASDAQ:LULU) leaped 10.5% to a new closing high of $420.71 on Thursday, following the release of the athletic apparel retailer’s second-quarter results.
So what
Lululemon’s net revenue surged 61% year over year to $1.5 billion, as shoppers returned to its stores in droves. Sales at its company-operated stores rocketed 142% to $695.1 million, marking a sharp rebound from its pandemic lows when coronavirus-related store closures weighed heavily on its results.
“Our performance in Q2 was driven by a strong response to our product offering, improving productivity in our stores, and sustained strength in e-commerce,” CFO Meghan Frank said in a press release.