With life slowly returning back to normalcy, the demand for formalwear and office attire may be surging, but athleisure wear still rules the market.
At least that’s what Lululemon’s numbers are telling us!
The Canadian-American fashion retailer Lululemon has, reportedly, said that it may surpass its 2023 revenue goal by the end of the year.
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.
Notably, 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. Previously, it was expecting its revenue to be around higher side of US $ 5 billion.
Importantly, Lululemon’s revenue has, reportedly, 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 looks so good for the retailer and if there are no further hiccups 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.