Growth plan paying off for Lululemon
26/03/2024
Revenues from the Americas increased 12% while international revenue rose 54%.
The company opened 56 net new stores during the year, ending with 711 stores.
Lululemon CEO Calvin McDonald said: "We are pleased with the strong finish to our 2023 fiscal year and continue to be ahead of our Power of Three ×2 strategy. During the fourth quarter, we saw continued momentum across our channels, geographies, and merchandise categories.”
The Power of Three ×2 growth 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 e-commerce, and quadruple international net revenue relative to 2021.
Mr McDonald added the company was “focused on the significant opportunities” for 2024. This year, it expects revenue to be in the range of $10.7 billion to $10.8 billion, representing growth of 11% to 12%.
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