Lululemon has emerged as one of greatest retail survivors of the COVID-19 crisis by posting an operating surplus in the first quarter while almost all of its apparel contemporaries were bleeding.

The brand’s net revenue decreased by 17 per cent while it reported $32.8 million income from operations in the quarter to May 3, down 75 percent on the same period last year, but an outlier in the industry.

Though COVID-19 forced the closure of all of its company-operated stores in North America and Europe, its direct-to-consumer revenue soared 70 percent on a constant-currency basis as the company targeted housebound consumers eager to buy comfortable exercise wear in place of their normal office attire. Direct to consumer net revenue represented 54 percent of total sales compared to 26.8 percent for the first quarter of last year.