02 April 2022, Mumbai:
Lululemon, a Canadian-American apparel company, is ecstatic, and with a good cause! For the first time in 2021, the Vancouver-based clothes company has crossed the US $ 6 billion in sales.
Importantly, it has done so in the face of numerous obstacles and uncertainty. While net revenue increased by 23% year over year to £1.59 billion in Q4, gross profit increased by 22% to £914 million.
North America saw a 40% increase in revenue, while the rest of the world saw a 53% increase.
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Notably, the sales were in line with analysts' estimates, and the profit was considerably higher than projected.
The athleisure retailer also opened 22 additional company-operated brick-and-mortar outlets in the fourth quarter.
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Lululemon estimates net revenue to be between £5.7 billion and £5.79 billion in the fiscal year 2022/23, with a growth rate of 20% to 22%. Lululemon announced its entry into the footwear market last month.
Lululemon began as a yoga pants and other yoga wear business in 1998 but quickly expanded to include athleticwear, lifestyle clothes, and fashion accessories.
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CREDITS: Charged Retail & Apparel Resources.
