Photo: Lululemon, Flickr
The yoga boom does not appear to be heading to a double dip.On Friday, Lululemon Atheletica smashed estimates, and received multiple upgrades.
In a note titled “You Can’t Keep A Good Yogi Down,” RBC’s Howard Tubin runs through some of the numbers:
- EPS grew 68%.
- Quarter ended same store comps grew 16%, driven by a 75% increase in traffic, and a 25% increase in conversions.
- Margins increased 500 basis points.
- Sales/square foot hit $1800 vs. $1428 last year.
- Stores are ramping up in 1 year vs. the historical average of 3 years.
- Management will open another 30 new Lululemon stores this year, and perhaps another 30 year next.
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