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Lululemon delivers a strong fiscal third quarter

By WANG ZHUOQIONG | | Updated: 2022-12-12 21:57
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Fans of garment company Lululemon take part in a run as part of its Wellbeing for All activity program, launched in Shanghai in October. [Photo provided to]

The Vancouver-based sportswear producer Lululemon Athletica Inc has posted a strong fiscal third quarter, with a net revenue increase by 28 percent year-on-year to $1.9 billion (13.2 billion yuan), of which, those from the international market including the Chinese market have soared by 41 percent.

For the fiscal quarter, the company has seen net revenue increase by 26 percent in North America, and the company's global comparable sales increase by 22 percent, and comparable store sales increase by 14 percent compared to that of last year.

Lululemon opened 23 net new company-operated stores during the third quarter, ending with 623 stores globally.

Meghan Frank, chief financial officer of Lululemon, said: "We are proud to have delivered another quarter of strong sales and earnings growth, despite an operating environment that remains dynamic. We look forward to a strong finish to our fiscal year."

The company ended the third quarter of 2022 with $352.6 million in cash and cash equivalents.

For the fourth quarter of 2022, the company expects net revenues to be in the range of $2.61 billion to $2.66 billion, representing a three-year compound annual growth rate of about 24 percent. For 2022, the company expects net revenue to be in the range of $7.94 billion to $7.99 billion, representing a three-year compound annual growth rate of about 26 percent.

The company's Power of Three x2 growth plan calls for a doubling of the business from 2021 net revenue of $6.25 billion to $12.5 billion by 2026.

The key pillars of the plan are product innovation, guest experience, and market expansion and the growth strategy includes a plan to double men's products, double direct-to-consumer business, and quadruple international net revenue relative to 2021.

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