Revenues at the Irish arm of high end athleisure brand, lululemon last year stretched higher rising by 20% to €15.3m.
New accounts filed by Lululemon Athletica Ireland Ltd show that its pre-tax profits rose by 3% from €473,577 to €490,129 in the 12 months to the end of January this year on the back of the revenue surge.
The directors for the yoga apparel seller - popularised by the likes of supermodel, Gisele Bundchen and Kendall Jenner - said that it is their intention to continue to develop the company and the board "is actively looking into new business opportunities".
The revenues of €15.3m in the 12 months to the end of January this year follow revenues of €12.8m in the prior year.
The store operates from four outlets here and 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.
The company has expanded here in recent years with lululemon athletica opening a concession outlet at Brown Thomas in Dundrum town centre on February 24th 2022 - prior to opening on 84 Grafton Street, lululemon operated a concession outlet at Brown Thomas on the same street.
The brand - which counts fitness guru, Joe Wicks as a global ambassador - 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 further but at a more modest rate in fiscal 2024 rising by five to 91.
Staff costs increased from €2.95m to €3.15m.
The firm’s profits take account of non-cash depreciation costs of €227,734. Operating lease expenses remained at €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 €446,799 after incurring a corporation tax charge of €43,330.
At the end of January last, shareholder funds totalled €2.2m made up of accumulated profits of €1.28m and capital contribution of €925,235.
The company’s cash funds increased from €1.77m to €1.85m.
Globally, in the 12 months to the end of February 2nd 2025, lululemon athletica’s revenues passed $10bn for the first time as it recorded revenues of $10.58bn..
The group recorded pre-tax profits of $2.57bn on the back of sales from its 767 stores and touchpoints along with online sales.
Reporting by Gordon Deegan
