By Canadian Press

Lululemon withholds guidance for 2020 due to COVID-19 as Q4 profits rise

Mar 26, 2020 | 2:21 PM

VANCOUVER — Lululemon Athletica Inc. says it is withholding its financial outlook for 2020 due to the impact of the COVID-19 pandemic.

The retailer has temporarily shuttered all its stores in North America and Europe as well as Malaysia and New Zealand, along with its distribution center in Washington state.

Lululemon says all but one of the nearly 40 stores that closed temporarily in mainland China in February have since reopened.

The Vancouver-based company says net income increased by 27 per cent to $298.0 million last quarter from $218.5 million in the fourth quarter of 2018.

Net revenue rose 16 per cent year over year to $1.4 billion in the quarter ended Feb. 2.

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The company says diluted earnings rose to $2.28 per share in the fourth quarter from $1.65 per share in the same period a year earlier.

Analysts had predicted earnings of $2.24 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published March 26, 2020.

The Canadian Press