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Athleisure brand Lululemon has reported a “strong” FY21 performance revealing its revenues surpassed $6bn (£4.5bn) for the first time.
The performance was boosted by a 23% increase in net revenues during the fourth quarter. It also revealed that company operated store net revenue increased 70% for the year, with net revenues having increased 40% in North America and 53% internationally.
Luluemon also revealed FY gross profits increased 46% to $3.6bn (£2.7bn), and gross margin increased 170 basis points to 57.7%.
The company opened 53 net new company-operated stores during the year, ending with 574 stores worldwide.
Looking ahead, it said for the first quarter of fiscal 2022, it expects net revenues to be in the range of $1.525bn to $1.550bn (£1.16bn to £1.17bn), representing growth of 24% to 26%. It added diluted earnings per share are expected to be in the range of $1.38 to $1.43 (£1.05 to £1.09) for the quarter.
Calvin McDonald, CEO, said: “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.
“We are proud that we passed the $6bn 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.”
