Canada's Lululemon Athletica's revenue climbs 32% in Q1 FY22

In the first quarter, direct to consumer net revenue increased by 32 per cent, or 33 per cent on a constant dollar basis. Direct to consumer net revenue represented 45 per cent of total net revenue compared to 44 per cent for the first quarter of 2021.

"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,” Calvin McDonald, chief executive officer, said.

"Our teams continue to deliver strong financial performance while navigating the ongoing impacts of COVID-19, supply chain disruptions and inflationary pressures. While we are not immune to these challenges, our omni operating model, balanced growth strategy and unique approach toward innovation enable the positive results we are reporting today and anticipate for the full year,” Meghan Frank, chief financial officer, said.

For the second quarter of 2022, the company expects net revenue to be in the range of $1.750 billion to $1.775 billion, representing a three-year compound annual growth rate of approximately 26 per cent. Diluted earnings per share are expected to be in the range of $1.89 to $1.94 for the quarter and, excluding the gain on the sale of an administrative office building, adjusted diluted earnings per share are expected to be in the range of $1.82 to $1.87.

Fibre2Fashion News Desk (RR)