Athleisure giant Lululemon reported strong global sales for the fourth quarter and 2022 fiscal year.
The company announced that revenue rose 30% to $2.8 billion for the quarter ending Jan. 29, 2023.
Income from operations decreased 47% to $314.4 million, but adjusted income from operations increased 33% to $785.3 million.
During the quarter, Lululemon opened 32 company-owned stores for a total of 655.
“In the fourth quarter and full year 2022, we delivered strong results across the business driven by our innovative products, powerful guest experiences, and strategic market expansion,” said Calvin McDonald, chief executive of the Vancouver-based company, in a statement.
McDonald added: “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.”
During fiscal 2022, Lululemon’s net revenue rose 30% to $8.1 billion. Revenue rose 29% in North America and 35% annually, while adjusted income from operations also rose 30% to $1.8 billion.
One caveat: Bloomberg notes that “nagging inventory issues” continue to eat into company margins.
Looking ahead, Lululemon said it anticipates Q1 net revenue to grow 18% to a range of $1.89 billion and $1.93 billion — an outlook that exceeds analyst expectations.
The retailer’s shares rose 7% in after-hours trading Tuesday.
