Lululemon’s Profits Sink Even As Shoppers Spend More At Its Stores

Lululemon is continuing to pull in the big bucks from shoppers, but it’s not helping lift its bottom line. The yoga retailer reported a double digit rise in sales during its first quarter on Wednesday and bumped up its forecast for the year, but said profits still fell. Lululemon has been working to revive its image after a series of mishaps, including a massive recall of sheer pants and unseemly comments made by billionaire founder Chip Wilson thereafter. It’s expanding its product selection and building out its men’s and children’s lines, for instance. In an indication that new product offerings are taking hold, total revenue rose 17% to $495.5 million, topping analyst estimates of $487.72 million. Sales at existing stores rose by 3% and would’ve risen 5% if not for currency headwinds. Read more at Forbes.