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Lululemon sees Q3 revenue increase 28% to $1.9 billion

Tom Shearsmith
09 December 2022

Lululemon Athletica has today announced financial results for the third quarter of fiscal 2022, revealing a 28% increase in revenue to $1.9 billion.

Other financial data the third quarter of 2022, compared to the third quarter of 2021, included:

  • Net revenue increased 28% to $1.9 billion, or increased 31% on a constant dollar basis.
  • Net revenue increased 26% in North America, and increased 41% internationally.
  • Total comparable sales increased 22%, or 25% on a constant dollar basis.
  • Comparable store sales increased 14%, or 17% on a constant dollar basis.
  • DTC net revenue increased 31%, or 34% on a constant dollar basis.
  • Gross profit increased 25% to $1.0 billion and gross margin decreased 130 basis points to 55.9%.

The business also opened 23 new company-operated stores during the third quarter, ending the period with 623 stores in total.

Calvin McDonald, Chief Executive Officer, stated: "In the third quarter, we continued to deliver strong and balanced results across the business, demonstrating the significant potential for our brand. Our ongoing momentum is a testament to our innovative products, deep community relationships, and the hard work and dedication of our talented teams around the world."

Meghan Frank, Chief Financial Officer, stated: "We are proud to have delivered another quarter of strong sales and earnings growth, despite an operating environment that remains dynamic. These results illustrate the strength and differentiation of our omni operating model and position us well to deliver ongoing value for our stakeholders. We look forward to a strong finish to our fiscal year."

For the fourth quarter of 2022, the company expects net revenue to be in the range of $2.605 billion to $2.655 billion, representing a three-year compound annual growth rate of approximately 24%.

For 2022, the Company expects net revenue to be in the range of $7.944 billion to $7.994 billion, representing a three-year compound annual growth rate of approximately 26%.


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