The Canadian-American fashion retailer Lululemon may surpass its 2023 revenue goal by the end of the year 2021.
The retailer’s second quarter has surpassed everyone’s expectations. The net revenue for the quarter has shot up by a whopping 61 per cent to clock US $ 1.5 billion, with exceptionally good performance from both its bricks-and-mortar stores and e-commerce platform.
Noticeably, the store revenue jumped by 142 per cent, whereas e-commerce rose by a good 8 per cent on top of a 155 per cent surge last year.
Elated by the super performance, Lululemon has now raised guidance for the year and expects the revenue to be somewhere between US $ 6.19 billion and US $ 6.26 billion.
Before that, it was expecting its revenue to be around higher side of US $ 5 billion.
Nowadays, Lululemon’s revenue has grown at a compound annual growth rate of 28 per cent on a two-year basis. In fact, open stores of Lululemon have started yielding same productivity as it was back in 2019.
All these are so good for the retailer and if there are no further issue in global retail market, it wouldn’t be a surprise to see the retailer attain its 2023 revenue goal by the end of the year.
Lululemon was founded in 1998 as a retailer of yoga pants and other yoga wear. It will also be expanded to sell athleticwear, lifestyle apparel and fashion accessories soon.
