Revenues at the Irish arm of athleisure brand, lululemon last year stretched higher, rising by 30% to €12.8m.
New accounts filed by Lululemon Athletica Ireland Ltd show that its pre-tax profits almost doubled to €473,577 in the 12 months to the end of January this year.
The jump in pre-tax profits came as revenues increased by €3m from €9.8m to €12.8m.
The directors for the high end yoga apparel seller – popularised by the likes of supermodel, Gisele Bundchen and Kendall Jenner – state that the company opened a pop-up location in Kildare for ten days between 26 May and 5 June 2023 and this led to increased revenue in the current financial year.
The directors state that it is their intention to continue to develop the company and the Board “is actively looking into new business opportunities for the company”.
The store opened its stand-alone flag-ship store on Dublin’s Grafton Street in the final quarter of 2021.
This followed the Canadian owned retailer signing a 10 year lease for 84 Grafton Street in a premises formerly occupied by retailer, Pamela Scott.
Revenues were also boosted by lululemon athletica opening a concession outlet at Brown Thomas in Dundrum town centre on 24 February 2022 – prior to opening on 84 Grafton Street, lululemon operated a concession outlet at Brown Thomas on the same street.
The brand also operates a concession at Brown Thomas’s Patrick Street store in Cork city.
The expansion of the business here this year resulted in numbers employed increasing by 19 from 67 to 86 and staff costs increasing by 42% from €2.08m to €2.95m.
The firm’s profits take account of non-cash depreciation costs of €227,077. Operating lease expenses increased marginally from €373,465 to €376,054
A note attached to the accounts states that “marketing support payments are received from the Group to offset any losses incurred by the Company in marketing the lululemon brand in Ireland”.
The company – which commenced trading here in 2017 – recorded a post tax profit of €379,478 after incurring a corporation tax charge of €94,099.
At the end of January last, shareholder funds totalled €1.74m made up of accumulated profits of €840,868 and capital contribution of €907,684
The company’s cash funds increased almost three fold from €1m to €2.85m.
Globally, in the 12 months to the end of January 29th 2023, lululemon athletica’s revenues increased by 19% to $9.6bn as pre tax profits increased by 63% to at $2.17bn.
At the end of January last, the brand operated 711 stores – up 56 on the 655 in operation at the end of January 2023.
Reporting by Gordon Deegan
