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Lululemon smashes $6bn revenue mark, with D2C now accounting for 49%

Lululemon: running up profits

Athleisurewear brand Lululemon has seen revenues crash through the $6bn mark, with D2C sales now accounting for 49% of its business, with revenues there up 15% year on year.

The company, surfing the boom in consumer demand for sports and athleisure apparel that started in lockdown has seen gross profits up 22% to $1.2bn on total sales of $6.3bn worldwide.

While D2C has fallen back slightly since its 52% share during peak lockdown in Q4 2020, it has seen overall revenues from these sales grow in real dollar terms. The retailer has also seen its sales grow in stores, adding 22 new stores globally in 2021, ending the year with 574. In-store sales have grown 70% since 2020.

While the retailer has seen strong sales in the US, up 40% year-on-year, it has seen its international sales grow by 53%.

Meghan Frank, Chief Financial Officer, says: “Our results were driven by consistently strong performance across our products, channels, and regions. In addition, for both the fourth quarter and full year, we delivered revenue growth above our Power of Three goals, despite the continued impact of COVID-19 and global supply chain issues. We are pleased to see our momentum continue at the start of 2022 and are optimistic about our performance for the year ahead.”

Calvin McDonald, Chief Executive Officer, adds: “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 $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.”

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