A weekly round up of the hottest international retail and consumer news.
1. Lululemon bucks trend
Yoga-and running-gear maker Lululemon Athletica reported a first-quarter profit of US$31.2m, bucking the broader athleisure sales slump. The Vancouver, Canada-based company posted revenue of $520.3m in the period. Lululemon is planning to close most of its Ivivva stores, which sell athletic apparel to girls between the ages of 6 and 12.
2. Canada Goose flies
In its first set of results as a publicly listed retailer, Canadian apparel maker Canada Goose reported a 22% rise in fourth-quarter revenue to $51.1m in the three months to March 31. The company, known for its $900 jackets made popular by Bond movie Spectre and celebrities like rapper Drake and model Kate Upton, reported a net loss of $23.4m, or US23c/share. This was less than analysts expected, as stronger sales helped offset expenses.
3. Tesco PwC probe closed
The UK’s accounting watchdog, the Financial Reporting Council, has closed its investigation into the accounts of grocer Tesco. Its investigation was aimed at PwC’s auditing of Tesco’s accounts. It was first launched in the wake of the chain’s 2014 profits scandal, in which profits were overstated by £326m. At the time, Tesco said it had incorrectly booked payments from suppliers.
4. Big bucks bag
Auction house Christie’s has said that a luxury handbag in Hong Kong has broken the world handbag auction record. The bag, a matte, white crocodile-skin Hermès Birkin bag encrusted with 10.23 carats of diamonds, fetched 2.94m Hong Kong dollars ($380,000) and was sold to a telephone bidder.