Ambitious growth plan still in Lululemon’s sights
Vancouver-based athletic apparel brand Lululemon has reported revenues of more than $6.4 billion for the first nine months of its current fiscal year, the period spanning February-October 2023.
This represents growth of more than 20% year on year.
Chief executive, Calvin McDonald, said “innovative product offerings” had continued to “resonate powerfully” with customers across the world. He added that there were still “significant opportunities ahead” for further growth for the brand.
Lululemon has the aim of doubling full-year revenues from $6.25 in 2021 to $12.5 billion by 2026. The key pillars of the plan are product innovation, customer experience, and market expansion.
This growth strategy also includes a plan to double revenues from sales of men’s products, double its direct-to-consumer business, and quadruple its revenues from markets outside North America relative to 2021.
The company is listed on Nasdaq and reports its results in US dollars.
