Lululemon Athletica said first-quarter profit was down 24 per cent compared to the same time last year but up six per cent from the fourth quarter after it launched an online shopping site, cut prices on some items and slowed expansion plans.
The Vancouver-based yoga-inspired retailer also reported a six per cent hike in revenues in the first quarter — which beat the consensus analyst estimates — and said it expects sales to improve further in the second quarter.
Net income for the quarter was $6.5 million US, down 23.5 per cent from $8.5 million a year earlier.
Lululemon chief executive Christine Day said the company expects to open between five to seven stores in 2009, which is down significantly from the previous goal of opening 35 stores annually.
