Lululemon Athletica Inc. capped an exceptional year in which it surpassed US$6 billion in revenues for the first time, with net profits growing nearly 32 per cent in the fourth quarter.
The Vancouver-based athletic clothing company, which reports in U.S. dollars, says it earned US$434.5 million or US$3.36 per diluted share in the quarter, up from US$329.8 million or US$2.52 per share a year earlier.
Adjusted profits for the three months ended Jan. 30 were US$3.37 per diluted share, up from US$2.58 per share in the fourth quarter of 2020.
Revenues increased 23 per cent to US$2.13 billion from US$1.73 billion, with total comparable sales increasing 32 per cent and e-commerce revenue rising 17 per cent to represent 49 per cent of total revenues.
Analysts on average expected Lululemon to report US$3.28 per share in adjusted profits on US$2.14 billion of revenues, according to financial data firm Refinitiv.
For the full-year, it earned US$975.3 million on US$6.26 billion of revenues, up from US$588.9 million on US$4.4 billion of revenues in 2020.
"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," stated CEO Calvin McDonald in a news release.
The company opened 22 net new company-operated stores during the quarter, ending with 574 stores.
This report by The Canadian Press was first published March 29, 2022.
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