Lululemon passes £4.8bn annual revenue milestone in financial year 2021
Lululemon has announced its financial results for the fourth quarter and full year ending 30 January 2022, highlighting the brand's consistent growth as it passed a milestone of £4.79 billion ($6.3 billion) in annual revenue.
For the fourth quarter of 2021, compared to Q4 2020 Lululemon shared the following results:
- Net revenue increased 23% to £1.6 billion ($2.1 billion).
- Net revenue increased 35% internationally and 21% in North America.
- Direct to consumer net revenue increased 17%. Comparable store sales increased 32%.
- Net income was £331 million ($435 million) in 2021 and £251 million ($329.837) in 2020.
For the full financial year 2021 compared to 2020:
- Net revenue increased 42% to £4.79 billion ($6.3 billion).
- Net revenue increased 53% internationally and 40% in North America.
- Direct to consumer net revenue increased 22%. Company operated store net revenue increased 70%.
- Net income was £742 million ($975 million) in 2021 and £448 million ($589 million) in 2020.
Meghan Frank, Chief Financial Officer said the results had been "driven by consistently strong performance across our products, channels, and regions."
The company also shared that by the end of 2021 inventory increased by 49% to £736 million ($966.5 million) compared to £493 million ($647.2 million) at the end of 2020. Lululemon opened 53 new company-operated stores during the year, ending with 574 stores.
Commenting on Lululemon's future outlook, CEO Calvin McDonald said that it was "entering the new year from a position of strength". In the first quarter of fiscal 2022 the company expects net revenue to be in the range of £1.16 billion ($1.525 billion) to £1.18 billion ($1.550 billion), representing growth of 24% to 26%.
For the fiscal year 2022 it expects net revenue to be in the range of £5.7 billion ($7.490 billion) to £5.8 billion ($7.615 billion), representing growth of 20% to 22%.