In the fourth quarter, revenue from Chinese mainland increased more than 30% versus last year and over 50% on a three-year compound annual growth rate basis, said CEO McDonald. — Bloomberg
SHANGHAI: The athletic apparel brand Lululemon Athletica Inc has been optimistic toward the rising opportunities in the China market this year, as it recorded considerable growth in 2022, according to its financial results released on Wednesday.
Announcing its financial results during the earnings call on the fourth quarter and fiscal year ended Jan 29, Lululemon chief executive officer Calvin McDonald said the company’s potential in the market continues to be significant.
“We have been investing in foundational infrastructure, people in stores that have fuelled considerable growth in the market. We are seeing our momentum accelerating, and we are excited for the opportunities in the region in 2023 and beyond,” McDonald said.
In the fourth quarter, revenue of the Chinese mainland increased more than 30% versus last year and over 50% on a three-year compound annual growth rate basis, he said.
“We have a solid foundation in the region across our brick-and-mortar and digital channels and are supported by exceptional talent on which we continue to build,” he added.
“It’s clear that our growth strategies are on track, and we remain early in our journey across our international markets.”
The sportswear company unveiled its new Jing’an Kerry Centre Store in Shanghai on March 23 – now Lululemon’s largest store in the Asia-Pacific region.
Following a full upgrade and renovation, the store offers a wide range of categories, including yoga, training, running, tennis, golf, hiking and on-the-move gear to meet the rising demand from the sports-loving local communities.
According to its financial results, for the fourth quarter of 2022, when compared to the fourth quarter of 2021, the company has seen net revenue increased 30% to US$2.8bil (RM12bil) worldwide, with net revenue increased 29% in North America and increased 35% internationally.
From 2021 to 2022, its net revenue increased 30% to US$8.1bil (RM36bil) while company operated store net revenue increased 29%. Its net revenue increased 29% in North America and increased 35% internationally.
Lululemon currently operates 655 stores worldwide. — China Daily/ANN
