Lululemon Passes $6 Billion in Annual Revenues

Lululemon continued its winning streak in the fourth quarter as it passed $6 billion in annual revenues for the first time on Tuesday.

The Vancouver, British Columbia-based athleisure brand reported fourth-quarter net revenues of $2.1 billion, an increase of 22% from the same period last year. Net revenue for full fiscal year 2021 increased 42% compared to last year to $6.3 billion.

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Lululemon also reported that its direct-to-consumer net revenue increased 22% in fiscal 2022, with company operated store net revenue increasing 70%. The company’s international business saw the biggest gains, with net revenue increasing 53% internationally, while North America saw a 40% increase in net revenue for the year.

“2021 was another successful year for Lululemon, which speaks to the enduring strength of our brand and our ability to deliver sustained growth across the business,” said CEO Calvin McDonald in a statement. “We are proud that we passed the $6 billion in annual revenue milestone for the first time, and successfully achieved our ‘Power of Three’ growth target ahead of schedule. This was especially impressive given the challenging macro backdrop. We are entering the new year from a position of strength, which we’ll build upon to continue delivering for our guests and shareholders in the years to come.”

Meghan Frank, Lululemon’s CFO, added: “Our results were driven by consistently strong performance across our products, channels, and regions. 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. We are pleased to see our momentum continue at the start of 2022 and are optimistic about our performance for the year ahead.”

Looking ahead for the first quarter of fiscal 2022, the company expects net revenue to be in the range of $1.525 billion to $1.550 billion, representing growth of 24% to 26%. For fiscal 2022, Lululemon expects net revenue to be in the range of $7.490 billion to $7.615 billion, representing growth of 20% to 22%.

This news comes days after the company launched its first-ever footwear range. The collection, specifically designed for women, was developed through a rigorous process that included multiple rounds of wear-testing and analyzing footwear scan data from more than a million feet.