- Lululemon (LULU) reported its Q4 and full year fiscal 2022 results, highlighted by an increase in revenue of 30 per cent to US $2.8 billion in Q4
- Full year revenue also increased 30 per cent to $8.1 billion. GAAP EPS of US $6.68, adjusted EPS of $10.07
- Lululemon reported that it earned net income of US$119.8 million or 94 cents per diluted share for the quarter ended Jan. 29, 2023
- On this news, Lululemon (LULU) shares rose 13 per cent and opened trading at C$365.00 per share
It has been a rocky few years for Lululemon (LULU) stock, but signs are pointing to another rebound on the horizon.
The Vancouver-based exercise clothing company, which keeps its books in U.S. dollars, reported its Q4 and full year fiscal 2022 results this week, highlighted by an increase in revenue of 30 per cent to US $2.8 billion in Q4. Generally-accepted accounting principles (GAAP) earnings per share (EPS) of $0.94, adjusted EPS of US $4.40. Full year revenue also increased 30 per cent to $8.1 billion. GAAP EPS of US $6.68, adjusted EPS of $10.07.
Lululemon reported that it earned net income of US$119.8 million or 94 cents per diluted share for the quarter ended Jan. 29 as it recorded post-tax impairment and other charges related to its Mirror business totalling US$442.7 million. It earned US$434.5 million or US$3.36 per diluted share in the same quarter a year earlier.
In a news release detailing these results, the company’s Chief Executive Officer, Calvin McDonald, stated that in Q4 and full year 2022, the company delivered strong results across the business driven by its 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.”
Chief Financial Officer, Meghan Frank added that Q4 performance remained balanced across product category, channel, and regions.
“Our ability to exceed our annual revenue target in a dynamic operating environment is a testament to the enduring strength of the lululemon brand. Looking ahead, we remain optimistic regarding our ability to deliver sustained growth and long-term value for all our stakeholders.”
The company also opened 81 net new company-operated stores during the year and 32 net new during the quarter, ending with 655 stores.
Lululemon Athletica Inc. designs, distributes, and markets athletic apparel, footwear, and accessories for women, men, and girls. Lululemon offers pants, shorts, tops, and jackets for both leisure and athletic activities such as yoga and running. The company also sells fitness accessories, such as bags, yoga mats, and equipment. Lululemon sells its products through more than 600 company-owned stores in 18 countries, e-commerce, outlets, and wholesale accounts.
It has been an up-and-down 365 days for the company’s stock, but overall, it has gained 13 per cent year-to-date, with 16 per cent gains in the last month and rose 17 per cent over the course of the week.
On this news, Lululemon (LULU) shares rose 13 per cent and opened trading at C$365.00 per share.