Lululemon revenues increase 30% in FY22

Lululemon’s full-year net revenues have increased by 30% to $8.1bn (£6.6bn), the athleisure company has revealed in its FY22 statement.

Gross profit amounted to $4.4bn (£3.5bn) in 2022 compared to $3.6bn (£2.9bn) the previous year although adjusted net income resulted less than 2021, with $854m (£691m) compared to $975m (£789m).

Adjusted diluted earnings per share for the fourth quarter of 2022 were $4.40 (£3.56) compared to $3.37 (£2.73) in the fourth quarter of 2021.

In 2022, the apparel company also expanded their portfolio of stores, with 81 new openings throughout the year. 

For the first quarter of 2023, Lululemon has said it expects net revenue to be in the range of $1.8bn (£1.4bn) to $1.9bn (£1.5bn). The company is also planning to launch a new app in the summer which will allow customers to access its digital fitness content for a monthly fee. 

Meghan Frank, chief financial officer, said: “We are pleased with our performance in the fourth quarter, which remained balanced across product categories, channels, and regions. Our ability to exceed our annual revenue target in a dynamic operating environment is a testament to the enduring strength of the lululemon brand.”

Calvin McDonald, chief executive officer, said: “Our continued high level of performance is a reflection of the hard work and agility of our incredible teams and the deep connections they create with our guests and communities around the world. As we enter 2023, we look forward to another year of strong momentum across the globe and delivering on our Power of Three ×2 growth plan.”