Strong International Sales Propel Lululemon to a 24% Revenue Surge — Retail Bum

Lululemon beat top and bottom line expectations for the first quarter of fiscal year 2023, with its net revenue rising by 24% to $2 billion.

The brand’s net revenue surge was primarily fueled by international sales, which experienced a remarkable 60% growth, in contrast to a 17% increase in North America. Additionally, comparable store sales witnessed a solid rise of 16%, while the company’s direct-to-consumer net revenue saw an impressive 18% increase.

Lululemon’s diluted earnings per share rose to $2.28, a significant increase from $1.48 observed during the same period last year.

The company emphasized that these numbers reflect its continued momentum and provide a solid foundation for growth, aligning with its ongoing Power of Three x2 strategy.

Meghan Frank, the company’s chief financial officer, pointed to the positive response from customers worldwide to the company’s product offerings across all markets.

“A meaningful acceleration in our China sales trend, coupled with lower air freight, contributed to our better-than-planned financial performance,” said Frank. “We are pleased with our momentum heading into the second quarter and for the full year as reflected in our revised outlook for FY23.”