Lululemon Keeps £700,000 Furlough Cash despite Earning Bumper Profits

Lululemon claimed more than £700,000 of furlough cash despite earning bumper profits of £2.2million. 

The Canadian sportswear brand worn by Meghan Markle and the Duchess of Cambridge saw UK profits jump 24 per cent for the year ending in January 2021 from a year earlier.

Lululemon had a bumper pandemic as customers working and exercising from home sought comfortable clothes and fitness gear. 

It is a favourite among celebs as well as royalty and is worn by model Kendall Jenner, and singers Rita Ora and Harry Styles. 

Lululemon’s shares jumped 15 per cent on the Nasdaq in October after a strong update to American investors in September. 

Earnings worldwide jumped 88 per cent to $1.2billion (£890million) in the three months to April. 

In the year to January it made £45.9million in the UK, down from £52.1million a year earlier because of store closures, Companies House documents show. 

The firm said it received £704,572 to furlough staff between March and September 2020 while stores were closed. 

But customers shopping online contributed to ‘significant growth’ in revenue for its ‘direct to consumer’ business. 

One director, believed to be its Europe and Middle East manager Gareth Pope, was paid £569,628 over the period and given £1.3million worth of shares in the company.