After ending Fiscal 2021 on a strong note, lululemon athletica has seen continued momentum throughout their first quarter. The brand has recently announced financial results for Q1 of fiscal 2022.
The brand’s first quarter brought in a net revenue increase of 32% along with a comparable store sales increase of 24%. These results show lululemon’s strength and provide a solid foundation for their future growth plans.
“In the first quarter of 2022, continued momentum in the business enabled us to achieve a strong start to the year. These results provide a solid foundation as we begin our next five-year journey and deliver against our new Power of Three ×2 growth plan. I want to thank our teams around the world for remaining agile and continuing to execute at a high level to achieve our goals, while successfully navigating the challenges within the macro environment. We look forward to all that lies ahead for lululemon as we continue to grow the brand,” said Calvin McDonald, Chief Executive Officer at lululemon athletic, inc.
Q1 2022 Highlights Compared to Q1 2021:
- Net revenue increased 32% to $1.6 billion.
- Net revenue increased 32% in North America, and increased 29% internationally.
- Total comparable sales increased 28%, or 29% on a constant dollar basis.
- Comparable store sales increased 24%.
- Gross profit increased 24% to $870.4 million and gross margin decreased 320 basis points to 53.9%.
- Income from operations increased 34% to $260.3 million. Adjusted income from operations increased 29%..
- The Company opened five net new company-operated stores during the first quarter, ending with 579 stores.