Lululemon Athletica Inc (NASDAQ:LULU) aims to double its 2021 revenue in the up coming five years as it rides a wave of workout garments demand from customers pushed by the Covid pandemic.
The company’s income grew 40% from the prior year to US$6.25bn in 2021, pushed generally by direct-to-customer gross sales and potent abroad demand.
By the finish of the following five yrs, the athletic clothing retailer hopes to arrive at US$12.5bn of profits, as it doubles profits to gentlemen, doubles digital product sales, and quadruples global revenue.
In addition to introducing new membership solutions in the coming months, Lululemon plans to open up brick-and-mortar retailers in Spain and Italy.
Three essential elements are to drive the firm’s momentum in the a long time ahead: item innovation, purchaser practical experience, and current market enlargement, it stated.
“We continue being early in our development journey,” said Lululemon chief government Calvin McDonald, in a assertion. “I am fired up about using our growth techniques to the next amount.”
Soon after placing a number of financial targets in April 2019, the enterprise attained the goal of increasing its men’s vogue profits two several years forward of routine, although also tripling electronic revenue from 2018 to 2021.
Inside the next five years, the firm also expects earnings for every share growth to outpace revenue development.
Lululemon said it also acquired much more marketplace share globally than any other brand name in the grownup active attire marketplace from 2019 to 2021, up from opponents these types of as Nike Inc (NYSE:NKE), adidas AG (OTCQX:ADDYY) and Underneath Armour Inc (NYSE:UA), as nicely as up-and-coming brand names like Vuori for adult men and Sweaty Betty for women of all ages.
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