lululemon athletica has announced financial results for the fourth quarter and fiscal year ended January 30, 2022.
For fiscal year 2021 (ended January 30, 2022.) compared to 2020, net revenue increased 42% to US$6.3 billion. On a constant dollar basis, net revenue increased 40%. Net revenue increased 40% in North America and increased 53% internationally.
Direct to consumer net revenue increased 22%, and increased 20% on a constant dollar basis. Company operated store net revenue increased 70%. The company opened 53 net new company-operated stores during the year, ending with 574 stores.
Direct to consumer net revenue represented 44% of total net revenue compared to 52% for 2020. Gross profit increased 46% to $3.6 billion, and gross margin increased 170 basis points to 57.7%.
Calvin McDonald, Chief Executive Officer, 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 US$6 billion 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.”
