On August 30th, Lululemon released its financial report for the second quarter of fiscal year 2024 (April 29, 2024 to July 28, 2024). In the second quarter, the company's global net revenue increased by approximately 7% year-on-year to $2.4 billion, international business net revenue increased by 29%, and mainland China net revenue increased by 34% year-on-year.
Calvin McDonald, CEO of Lululemon, stated, "In the second quarter, Lululemon continued to maintain its growth momentum and its international business continued to perform strongly. We continuously optimize our product portfolio in the US market and are committed to expanding new market opportunities. We are confident in the future growth prospects and will continue to steadily implement the 'Power of Three × 2' growth strategy
Calvin stated during the second quarter earnings conference call, "The mainland Chinese market maintained strong growth in the second quarter. We continuously expanded our customer base in stores and various e-commerce platforms, and attracted new customers with innovative product lines, omnichannel operation models, and unique brand positioning. We also actively responded to the call for 'Healthy China 2030' by conducting extensive activities in the community
For the third quarter of fiscal year 2024, Lululemon expects net revenue to be between $2.34 billion and $2.365 billion, an increase of approximately 6% to 7%. For the fiscal year 2024, Lululemon expects net revenue to be between $10.375 billion and $10.475 billion, an increase of approximately 8% to 9%.