Lululemon reports record annual revenue after strong Q4

Athletic apparel brand Lululemon has reported annual revenue surpassing 6 billion dollars for the first time following strong growth in the fourth quarter.

In the quarter ending January 30, the brand made net revenue of 2.1 dollars, a 23 percent increase from the previous year, and a 52 percent increase compared to two years ago.

Its net income for the fourth quarter increased to 434.5 million dollars from 329.8 million dollars a year earlier.

Looking at the full year, Lululemon made revenue of 6.3 billion dollars, a 42 percent increase year-over-year and a 57 percent increase year-over-two-years. It was the first time the company’s annual revenue surpassed the 6 billion dollar mark.

Lululemon FY net profit widens

The company’s full-year net income came in at 975.3 million dollars, up from 588.9 million dollars a year earlier.

Chief financial officer Meghan Frank said the brand's growth was driven by “consistently strong performance across our products, channels, and regions”.

She continued: “In addition, for both the fourth quarter and full year, we delivered revenue growth above our Power of Three goals, despite the continued impact of Covid-19 and global supply chain issues.”

Frank said the company’s momentum has continued in the start of 2022 and is “optimistic about our performance for the year ahead”.

Lululemon now expects net revenue for fiscal 2022 to be in the range of 7.49 billion dollars to 7.615 billion dollars, representing growth of 20 percent to 22 percent.

It expects diluted earnings per share to be in the range of 9.15 dollars to 9.35 dollars for the year.