Lululemon powers towards ambitious growth target
29/03/2023
Sales in 2022 totalled $8.1 billion, which the company said was a testament to the strength of the brand.
Lululemon CEO Calvin McDonald said: "We delivered strong results across the business driven by our innovative products, powerful guest experiences and strategic market expansion. Our continued high level of performance is a reflection of the hard work and agility of our incredible teams and the deep connections they create with our guests and communities around the world.
“As we enter 2023, we look forward to another year of strong momentum across the globe and delivering on our Power of Three ×2 growth plan."
The Power of Three x2 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, double direct-to-consumer, and quadruple international net revenue compared with 2021.
The company opened 81 net new stores during the year, ending with 655.
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