Lululemon sales fall 17% as retailer takes hit from stores being closed, shares drop
Lululemon reported a fiscal first-quarter sales decline of 17%, as its strong digital business wasn’t enough to offset the losses from its stores being temporarily shut due to the coronavirus pandemic.
The yoga pants and sports bra maker also suffered from the other shops that it sells in being shut, it said.
Still, as more people stocked up on workout gear and comfortable clothing during the pandemic, Lululemon Chief Executive Calvin McDonald said the retailer saw one of its largest market share gains ever during the quarter, citing NPD Group data. The company said its women’s bottoms, including its leggings, were some of the bestsellers…. READ MORE @ CNBC
