Lululemon Athletica has announced financial results for the third quarter of fiscal 2021, with strong revenue gains year on year – particularly for its international business.
For the third quarter of 2021, compared to the third quarter of 2020, the company reported that:
- Net revenue increased 30% to US$1.5 billion. On a constant dollar basis, net revenue increased 28%.
- Net revenue increased 28% in North America, and increased 40% internationally.
- Total comparable sales increased 27%, or increased 26% on a constant dollar basis.
- Comparable store sales increased 32%, or increased 31% on a constant dollar basis.
- Direct to consumer net revenue increased 23% to US$586.5 million. On a constant dollar basis, direct to consumer net revenue increased 21%.
- Direct to consumer net revenue represented 40.4% of total net revenue compared to 42.8% for the third quarter of 2020.
- Gross profit increased 32% to US$829.4 million and gross margin increased 110 basis points to 57.2%.
Calvin McDonald, Chief Executive Officer, said “Our third quarter results demonstrate the ongoing strength of lululemon and the tremendous growth potential of the business in both the near- and long-term.
“We are pleased with our early holiday season performance and how the lululemon brand continues to resonate in markets around the world. We are energized by the exciting opportunities ahead, and I’m proud of our teams across the globe for their passion and agility – I want to thank everyone for delivering a strong quarter.”
The company repurchased 0.6 million shares of its own common stock at an average price of US$405.87 per share for a total cost of US$236.4 million. The company opened 18 net new company-operated stores during the third quarter, ending with 552 stores.
For the fourth quarter of 2021, Lululemon expects net revenue to be in the range of US$2.125 billion to US$2.165 billion. For 2021, it expects net revenue to be in the range of US$6.25 billion to $6.29 billion.
