Unfortunately, we’ve seen so many store closures and bankruptcies within the last year, including of some of our favourite Canadian brands. However, not all retailers have been largely affected by the pandemic in a negative way, and have actually increased profits immensely.
Roots Corp. has profited so greatly from online sales that it actually neutralized any costs incurred from the pandemic and store closures.
The retailer saw an increase of 60% in it’s e-commerce sales which equals to $12.3 million in the fourth quarter.
Roots Chief Executive, Meghan Roach, spoke about the success of Roots during a conference call, “We’ve been spending a lot of time this past year really learning more about our customers, their lives, the way they live, and what they want from us from a product perspective.”
Even though the company has had such success throughout these trying times, Meghan Roach understands that around 60% of Roots customers still want to be able to go into a store to try items on. So, there’s going to be quite a large focus to continue brick-and-mortar shops as well.
With Roots’ sales and profits increasing, it seems as though the brand is headed in the right direction.
Lululemon is another one of Canada’s retailers that had quite a successful year with an increase in profits. The brand actually exceeded its sales estimates and obtained double-digit sales growth in both its men’s and women’s sections.
The athletic brand’s revenue shot up to $1.73 billion which is a 24% improvement from the previous year and growth from its sales goal of $1.66 billion.
Online sales spiked 92% since the start of the pandemic, which is of course due to the fact that customers are staying at home and therefore online shopping.
Not only does Lululemon sell all of the apparel and accessories that you need for a sweat sesh, but it now owns the fitness equipment brand, Mirror, which makes working out at home easier.
So, it’s safe to say that with this additional stream of revenue, Lululemon is expecting sales to continue to soar.
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