Lululemon Athletica Inc. reported another winning quarter as consumers continued to seek out its pricey activewear and accessories.
“The momentum in our business continued in the second quarter, fuelled by strong guest response to our product innovations, community activations, and omni-experience,” stated CEO Calvin McDonald.
Lululemon has been expanding into new categories, including footwear. It’s also looking at growth in some other sports categories, and most recently expanded into golf and tennis apparel and hiking gear. It also has introduced hijabs designed to be worn during exercise.
While other retailers are feeling the impact of pullbacks in spending from inflation-weary consumers, Lululemon customers continue to spend. On the company’s earnings call with analysts, McDonald said the retailer is “not seeing any variation in our cohort’s behaviour.” He also said the company has not increased its promotional activity and has no plans to do so.
