National

Lululemon Q1 profit falls with many stores closed amid COVID-19 pandemic

Darpan News Desk , 11 Jun, 2020 10:18 PM

Lululemon Athletica Inc. saw its profit fall in the most recent quarter as many of its stores were closed for a significant portion of the period.

The Vancouver-based company, which keeps its books in U.S. dollars, says its net income for the first quarter totalled $28.6 million or 22 cents per diluted share.

That's down from $96.6 million or 74 cents per share for the same quarter in 2019.

Net revenue totalled $652 million for the quarter ended May 3 down from $782 million in the first quarter last year.

Analysts had expected net income to come in at $31.32 million or 23 cents per share with $688.40 million in revenue, according to financial markets data firm Refinitiv.

Lululemon says about 60 per cent of its stores are now open globally after it had to temporarily shutter all its retail locations in mainland China in February, as well as all stores in North America, Europe and some Asia Pacific countries in March.

Prev Next

MORE National ARTICLES

Military identifies service members missing in deadly helicopter crash

The Canadian military is deploying a flight investigation team to look into the causes of a helicopter crash off the coast of Greece that has claimed the life of at least one service member and left five others missing. Prime Minister Justin Trudeau confirmed during a news conference that six people were aboard the Cyclone helicopter that went down in the Ionian Sea on Wednesday as the aircraft was returning to the Halifax-based frigate HMCS Fredericton from a NATO training mission.

Military identifies service members missing in deadly helicopter crash

Budget officer says federal deficit could top $252 billion

Parliament's budget watchdog says that it's likely the federal deficit for the year will hit $252.1 billion as a result of the COVID-19 pandemic, and could go even higher if emergency measures remain in place longer than planned. The figure is an estimate based on the almost $146 billion in spending measures the government has announced to help cushion the economic blow from the pandemic, estimated declines in the country's gross domestic product, and the price of oil remaining well below previous expectations.

Budget officer says federal deficit could top $252 billion

Canadian support for gender equality doesn't match reality, survey suggests

Canadian support for the principle of equal rights for women and men is among the highest in the world — but in practice, archaic attitudes towards gender roles are still alive and well both at home and around the globe, a new survey suggests. Respondents to the international Pew Research Center poll released Thursday expressed overwhelming support for the concept of gender equality — 93 per cent of Canadians surveyed ranked it as "very important," second only to Sweden at 96 per cent.

Canadian support for gender equality doesn't match reality, survey suggests

Feds to move on assault-style rifle ban

The federal government is poised to ban a variety of assault-style rifles, including the type used in the 1989 Montreal Massacre. During the fall election campaign, the Liberals said guns designed to inflict mass human casualties have no place in Canada.

Feds to move on assault-style rifle ban

B.C. defers stumpage fees to aid forest industry during pandemic

Premier John Horgan says in a news release the government will defer stumpage fees for the next three months to help forest companies with their financial liquidity during the crisis. Stumpage is the fee forest operators pay the province to harvest, buy or sell trees from Crown land.

B.C. defers stumpage fees to aid forest industry during pandemic

'Suspected' explosive device detonated after traffic stop: Vancouver police

A traffic stop by Vancouver police led to a device being detonated by the bomb squad on Tuesday. The incident began when a suspect was pulled over in Vancouver's Downtown Eastside and officers noticed what appeared to be fentanyl in his car.