lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2021 Results; Board of Directors Authorizes $1.0 Billion Stock Repurchase Program
lululemon athletica inc. (NASDAQ:LULU) reported a strong fourth quarter with revenue increasing 23% to $2.1 billion and comparable sales up 22%. Diluted EPS rose to $3.36, while adjusted EPS was $3.37. For the full fiscal year, net revenue surged 42% to $6.3 billion. The company successfully achieved its Power of Three growth target ahead of schedule and plans to continue this momentum into 2022, projecting first quarter revenue between $1.525 billion and $1.550 billion and fiscal year revenue between $7.490 billion and $7.615 billion.
- Fourth quarter revenue increased 23% to $2.1 billion.
- Comparable sales rose 22%, with direct-to-consumer net revenue at 49% of total revenue.
- Fiscal 2021 net revenue grew 42% to $6.3 billion.
- Diluted EPS increased to $3.36 from $2.52 in Q4 2020.
- Stock repurchase program approved for up to $1.0 billion.
- Gross margin decreased by 50 basis points to 58.1% in Q4 2021.
- Inventories surged 49% to $966.5 million, raising potential concerns about excess stock.
Fourth quarter revenue increased
Comparable sales increased
Diluted EPS of
We refer to the fiscal year ended
For the fourth quarter of 2021, compared to the fourth quarter of 2020:
-
Net revenue increased
23% to . On a constant dollar basis, net revenue increased$2.1 billion 23% .-
Net revenue increased
21% inNorth America and increased35% internationally.
-
Net revenue increased
-
Total comparable sales increased
22% .-
Comparable store sales increased
32% . -
Direct to consumer net revenue increased
17% , or increased16% on a constant dollar basis.
-
Comparable store sales increased
-
Direct to consumer net revenue represented
49% of total net revenue compared to52% for the fourth quarter of 2020. -
Gross profit increased
22% to , and gross margin decreased 50 basis points to$1.2 billion 58.1% . -
Income from operations increased
29% to . Adjusted income from operations increased$590.6 million 27% to .$592.0 million -
Operating margin increased 120 basis points to
27.7% . Adjusted operating margin increased 90 basis points to27.8% . -
Income tax expense increased
23% to . The effective tax rate for the fourth quarter of 2021 was$156.2 million 26.4% compared to27.8% for the fourth quarter of 2020. The adjusted effective tax rate was26.4% for the fourth quarter of 2021 compared to27.4% for the fourth quarter of 2020. -
Diluted earnings per share were
compared to$3.36 in the fourth quarter of 2020. Adjusted diluted earnings per share for the fourth quarter of 2021 were$2.52 compared to$3.37 in the fourth quarter of 2020.$2.58 - The Company opened 22 net new company-operated stores during the quarter, ending with 574 stores.
For 2021 compared to 2020:
-
Net revenue increased
42% to . On a constant dollar basis, net revenue increased$6.3 billion 40% .-
Direct to consumer net revenue increased
22% , and increased20% on a constant dollar basis. -
Company operated store net revenue increased
70% . -
Net revenue increased
40% inNorth America and increased53% internationally.
-
Direct to consumer net revenue increased
-
Direct to consumer net revenue represented
44% of total net revenue compared to52% for 2020. -
Gross profit increased
46% to , and gross margin increased 170 basis points to$3.6 billion 57.7% . -
Income from operations increased
63% to . Adjusted income from operations increased$1.3 billion 62% to .$1.4 billion -
Operating margin increased 270 basis points to
21.3% . Adjusted operating margin increased 270 basis points to22.0% . -
Income tax expense increased
56% to . The effective tax rate was$358.5 million 26.9% and28.1% for 2021 and 2020, respectively. The adjusted effective tax rate was26.2% for 2021 compared to27.5% for 2020. -
Diluted earnings per share were
compared to$7.49 in 2020. Adjusted diluted earnings per share were$4.50 in 2021 compared to$7.79 in 2020.$4.70 - The Company opened 53 net new company-operated stores during the year, ending with 574 stores.
For the fourth quarter of 2021, compared to the fourth quarter of 2019:
-
Net revenue increased by
, or$731.6 million 52% , representing a two-year compound annual growth rate of23% . - Gross margin increased 10 basis points.
- Operating margin decreased 210 basis points. Adjusted operating margin decreased 200 basis points.
-
Diluted earnings per share were
compared to$3.36 in the fourth quarter of 2019. Adjusted diluted earnings per share were$2.28 in the fourth quarter of 2021.$3.37
For 2021 compared to 2019:
-
Net revenue increased by
, or$2.3 billion 57% , representing a two-year compound annual growth rate of25% . - Gross margin increased 180 basis points.
- Operating margin decreased 100 basis points. Adjusted operating margin decreased 30 basis points.
-
Diluted earnings per share were
compared to$7.49 in 2019. Adjusted diluted earnings per share were$4.93 in 2021.$7.79
Stock repurchase program
During 2021 the Company repurchased 2.2 million shares of its own common stock at an average price of
As at
On
Balance sheet highlights
The Company ended 2021 with
Inventories at the end of 2021 increased by
Fiscal 2022 Outlook
For the first quarter of fiscal 2022, we expect net revenue to be in the range of
For fiscal 2022, we expect net revenue to be in the range of
The guidance does not reflect potential future repurchases of the Company's shares.
The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and does not incorporate future unknown impacts, including from the spread of COVID-19. While most of the Company's retail locations are currently open; further resurgences in COVID-19, including from variants, could cause additional restrictions, including temporarily closing all or some of our retail locations again, result in lower consumer demand, and cause further disruption in our supply chain. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below.
Conference Call Information
A conference call to discuss 2021 results is scheduled for today,
About
Comparable Store Sales and Total Comparable Sales
The Company believes that investors would typically find comparable store sales and total comparable sales useful in assessing the performance of its business. As the temporary store closures from COVID-19 have resulted in a significant number of stores being removed from its comparable store base during the first two quarters of 2020, the Company believes total comparable sales and comparable store sales on a full year basis are not currently representative of the underlying trends of its business. The Company does not believe these metrics are currently useful to investors in understanding performance, therefore it has not included these metrics for the full fiscal year in this press release.
Non-GAAP Financial Measures
Constant dollar changes and adjusted financial results are non-GAAP financial measures. A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates.
Adjusted income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude items related to the MIRROR acquisition. We exclude transaction, integration costs, the gain on
The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or with greater prominence to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures.
Forward-Looking Statements:
This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; the current COVID-19 coronavirus pandemic and related government, private sector, and individual consumer responsive actions; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; the acceptability of its products to guests; its ability to accurately forecast guest demand for its products; changes in consumer shopping preferences and shifts in distribution channels; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to realize the potential benefits and synergies sought with the acquisition of MIRROR; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on and limited control over third-party suppliers to provide fabrics for and to produce its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in
|
||||||||||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||||||||||
Unaudited; Expressed in thousands, except per share amounts |
||||||||||||||||||||||||
|
|
Fourth Quarter |
|
Fiscal Year |
||||||||||||||||||||
|
|
2021 |
|
2020 |
|
2019 |
|
2021 |
|
2020 |
|
2019 |
||||||||||||
Net revenue |
|
$ |
2,129,113 |
|
|
$ |
1,729,550 |
|
|
$ |
1,397,491 |
|
|
$ |
6,256,617 |
|
|
$ |
4,401,879 |
|
|
$ |
3,979,296 |
|
Costs of goods sold |
|
|
892,941 |
|
|
|
716,816 |
|
|
|
586,665 |
|
|
|
2,648,052 |
|
|
|
1,937,888 |
|
|
|
1,755,910 |
|
Gross profit |
|
|
1,236,172 |
|
|
|
1,012,734 |
|
|
|
810,825 |
|
|
|
3,608,565 |
|
|
|
2,463,991 |
|
|
|
2,223,386 |
|
As a percent of net revenue |
|
|
58.1 |
% |
|
|
58.6 |
% |
|
|
58.0 |
% |
|
|
57.7 |
% |
|
|
56.0 |
% |
|
|
55.9 |
% |
Selling, general and administrative expenses |
|
|
641,959 |
|
|
|
544,831 |
|
|
|
394,316 |
|
|
|
2,225,034 |
|
|
|
1,609,003 |
|
|
|
1,334,247 |
|
As a percent of net revenue |
|
|
30.2 |
% |
|
|
31.5 |
% |
|
|
28.2 |
% |
|
|
35.6 |
% |
|
|
36.6 |
% |
|
|
33.5 |
% |
Amortization of intangible assets |
|
|
2,197 |
|
|
|
2,195 |
|
|
|
23 |
|
|
|
8,782 |
|
|
|
5,160 |
|
|
|
29 |
|
Acquisition-related expenses |
|
|
1,460 |
|
|
|
7,802 |
|
|
|
— |
|
|
|
41,394 |
|
|
|
29,842 |
|
|
|
— |
|
Income from operations |
|
|
590,556 |
|
|
|
457,905 |
|
|
|
416,487 |
|
|
|
1,333,355 |
|
|
|
819,986 |
|
|
|
889,110 |
|
As a percent of net revenue |
|
|
27.7 |
% |
|
|
26.5 |
% |
|
|
29.8 |
% |
|
|
21.3 |
% |
|
|
18.6 |
% |
|
|
22.3 |
% |
Other income (expense), net |
|
|
176 |
|
|
|
(886 |
) |
|
|
2,129 |
|
|
|
514 |
|
|
|
(636 |
) |
|
|
8,283 |
|
Income before income tax expense |
|
|
590,732 |
|
|
|
457,018 |
|
|
|
418,616 |
|
|
|
1,333,869 |
|
|
|
819,350 |
|
|
|
897,393 |
|
Income tax expense |
|
|
156,228 |
|
|
|
127,181 |
|
|
|
120,595 |
|
|
|
358,547 |
|
|
|
230,437 |
|
|
|
251,797 |
|
Net income |
|
$ |
434,504 |
|
|
$ |
329,837 |
|
|
$ |
298,021 |
|
|
$ |
975,322 |
|
|
$ |
588,913 |
|
|
$ |
645,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic earnings per share |
|
$ |
3.37 |
|
|
$ |
2.53 |
|
|
$ |
2.29 |
|
|
$ |
7.52 |
|
|
$ |
4.52 |
|
|
$ |
4.95 |
|
Diluted earnings per share |
|
$ |
3.36 |
|
|
$ |
2.52 |
|
|
$ |
2.28 |
|
|
$ |
7.49 |
|
|
$ |
4.50 |
|
|
$ |
4.93 |
|
Basic weighted-average shares outstanding |
|
|
129,015 |
|
|
|
130,340 |
|
|
|
130,311 |
|
|
|
129,768 |
|
|
|
130,289 |
|
|
|
130,393 |
|
Diluted weighted-average shares outstanding |
|
|
129,508 |
|
|
|
130,956 |
|
|
|
130,896 |
|
|
|
130,295 |
|
|
|
130,871 |
|
|
|
130,955 |
|
|
||||||
Condensed Consolidated Balance Sheets |
||||||
Unaudited; Expressed in thousands |
||||||
|
|
2022 |
|
2021 |
||
ASSETS |
|
|
|
|
||
Current assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,259,871 |
|
$ |
1,150,517 |
Inventories |
|
|
966,481 |
|
|
647,230 |
Prepaid and receivable income taxes |
|
|
118,928 |
|
|
139,126 |
Other current assets |
|
|
269,573 |
|
|
187,506 |
Total current assets |
|
|
2,614,853 |
|
|
2,124,379 |
Property and equipment, net |
|
|
927,710 |
|
|
745,687 |
Right-of-use lease assets |
|
|
803,543 |
|
|
734,835 |
|
|
|
458,179 |
|
|
466,957 |
Deferred income taxes and other non-current assets |
|
|
138,193 |
|
|
113,357 |
Total assets |
|
$ |
4,942,478 |
|
$ |
4,185,215 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
Current liabilities |
|
|
|
|
||
Accounts payable |
|
$ |
289,728 |
|
$ |
172,246 |
Accrued liabilities and other |
|
|
330,800 |
|
|
226,867 |
Accrued compensation and related expenses |
|
|
204,921 |
|
|
130,171 |
Current lease liabilities |
|
|
188,996 |
|
|
166,091 |
Current income taxes payable |
|
|
133,852 |
|
|
8,357 |
Unredeemed gift card liability |
|
|
208,195 |
|
|
155,848 |
Other current liabilities |
|
|
48,842 |
|
|
23,598 |
Total current liabilities |
|
|
1,405,334 |
|
|
883,178 |
Non-current lease liabilities |
|
|
692,056 |
|
|
632,590 |
Non-current income taxes payable |
|
|
38,074 |
|
|
43,150 |
Deferred income tax liability |
|
|
53,352 |
|
|
58,755 |
Other non-current liabilities |
|
|
13,616 |
|
|
8,976 |
Stockholders' equity |
|
|
2,740,046 |
|
|
2,558,566 |
Total liabilities and stockholders' equity |
|
$ |
4,942,478 |
|
$ |
4,185,215 |
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
Unaudited; Expressed in thousands |
||||||||
|
|
Fiscal Year |
||||||
|
|
2021 |
|
2020 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
975,322 |
|
|
$ |
588,913 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
413,786 |
|
|
|
214,423 |
|
Net cash provided by operating activities |
|
|
1,389,108 |
|
|
|
803,336 |
|
Net cash used in investing activities |
|
|
(427,891 |
) |
|
|
(695,532 |
) |
Net cash used in financing activities |
|
|
(844,987 |
) |
|
|
(80,788 |
) |
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
(6,876 |
) |
|
|
29,996 |
|
Increase in cash and cash equivalents |
|
|
109,354 |
|
|
|
57,012 |
|
Cash and cash equivalents, beginning of year |
|
$ |
1,150,517 |
|
|
$ |
1,093,505 |
|
Cash and cash equivalents, end of year |
|
$ |
1,259,871 |
|
|
$ |
1,150,517 |
|
|
||||||||||||
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
Unaudited; Expressed in thousands, except per share amounts |
||||||||||||
Constant dollar changes in net revenue, total comparable sales, comparable store sales, and direct to consumer net revenue. |
||||||||||||
The below changes show the change for the fourth quarter of 2021 compared to fourth quarter of 2020. |
||||||||||||
|
|
Net Revenue |
|
Total Comparable Sales(1),(2) |
|
Comparable Store Sales(2) |
|
Direct to Consumer Net Revenue |
||||
Change |
|
23 |
% |
|
22 |
% |
|
32 |
% |
|
17 |
% |
Adjustments due to foreign currency exchange rate changes |
|
— |
|
|
— |
|
|
— |
% |
|
(1 |
) |
Change in constant dollars |
|
23 |
% |
|
22 |
% |
|
32 |
% |
|
16 |
% |
__________ |
||
(1) |
Total comparable sales includes comparable store sales and direct to consumer net revenue. |
|
(2) |
Comparable store sales reflects net revenue from company-operated stores that have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable store sales exclude sales from stores which have been temporarily relocated for renovations or have been temporarily closed. |
The below changes show the change for 2021 compared to 2020. |
||||||
|
|
Net Revenue |
|
Direct to Consumer Net Revenue |
||
Change |
|
42 |
% |
|
22 |
% |
Adjustments due to foreign currency exchange rate changes |
|
(2 |
) |
|
(2 |
) |
Change in constant dollars |
|
40 |
% |
|
20 |
% |
Adjusted financial measures
The following tables reconcile adjusted financial measures with the most directly comparable measures calculated in accordance with GAAP. The adjustments relate to the acquisition of MIRROR, including accelerated expenses related to the transition of the former MIRROR Chief Executive Officer to an advisory role, and its related tax effects. Please refer to Note 6. Acquisition included in Item 8 of Part II of our Report on Form 10-K to be filed with the
|
|
Fourth Quarter 2021 |
||||||||||||||||||||
|
|
Income from Operations |
|
Operating Margin |
|
Income Tax Expense |
|
Effective Tax Rate |
|
Net Income |
|
Diluted Earnings Per Share |
||||||||||
GAAP results |
|
$ |
590,556 |
|
27.7 |
% |
|
$ |
156,228 |
|
26.4 |
% |
|
$ |
434,504 |
|
$ |
3.36 |
||||
Transaction and integration costs |
|
|
1,130 |
|
|
0.1 |
|
|
|
|
|
|
|
1,130 |
|
|
|
0.01 |
|
|||
Acquisition-related compensation |
|
|
330 |
|
|
— |
|
|
|
|
|
|
|
330 |
|
|
|
— |
|
|||
Tax effect of the above |
|
|
|
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|||
Adjusted results (non-GAAP) |
|
$ |
592,016 |
|
|
27.8 |
% |
|
$ |
156,228 |
|
|
26.4 |
% |
|
$ |
435,964 |
|
|
$ |
3.37 |
|
|
|
Fiscal 2021 |
||||||||||||||||||||
|
|
Income from Operations |
|
Operating Margin |
|
Income Tax Expense |
|
Effective Tax Rate |
|
Net Income |
|
Diluted Earnings Per Share |
||||||||||
GAAP results |
|
$ |
1,333,355 |
|
21.3 |
% |
|
$ |
358,547 |
|
26.9 |
% |
|
$ |
975,322 |
|
|
$ |
7.49 |
|
||
Transaction and integration costs |
|
|
2,989 |
|
|
— |
|
|
|
|
|
|
|
2,989 |
|
|
|
0.02 |
|
|||
Acquisition-related compensation |
|
|
38,405 |
|
|
0.7 |
|
|
|
|
|
|
|
38,405 |
|
|
|
0.29 |
|
|||
Tax effect of the above |
|
|
|
|
|
|
1,417 |
|
|
(0.7 |
) |
|
|
(1,417 |
) |
|
|
(0.01 |
) |
|||
Adjusted results (non-GAAP) |
|
$ |
1,374,749 |
|
|
22.0 |
% |
|
$ |
359,964 |
|
|
26.2 |
% |
|
$ |
1,015,299 |
|
|
$ |
7.79 |
|
|
|
Fourth Quarter 2020 |
||||||||||||||||||||
|
|
Income from Operations |
|
Operating Margin |
|
Income Tax Expense |
|
Effective Tax Rate |
|
Net Income |
|
Diluted Earnings Per Share |
||||||||||
GAAP results |
|
$ |
457,905 |
|
26.5 |
% |
|
$ |
127,181 |
|
27.8 |
% |
|
$ |
329,837 |
|
|
$ |
2.52 |
|||
Transaction and integration costs |
|
|
285 |
|
|
— |
|
|
|
|
|
|
|
285 |
|
|
|
— |
|
|||
Acquisition-related compensation |
|
|
7,517 |
|
|
0.4 |
|
|
|
|
|
|
|
7,517 |
|
|
|
0.06 |
|
|||
Tax effect of the above |
|
|
|
|
|
|
270 |
|
|
(0.4 |
) |
|
|
(270 |
) |
|
|
— |
|
|||
Adjusted results (non-GAAP) |
|
$ |
465,707 |
|
|
26.9 |
% |
|
$ |
127,451 |
|
|
27.4 |
% |
|
$ |
337,369 |
|
|
$ |
2.58 |
|
|
|
Fiscal 2020 |
||||||||||||||||||||
|
|
Income from Operations |
|
Operating Margin |
|
Income Tax Expense |
|
Effective Tax Rate |
|
Net Income |
|
Diluted Earnings Per Share |
||||||||||
GAAP results |
|
$ |
819,986 |
|
|
18.6 |
% |
|
$ |
230,437 |
|
28.1 |
% |
|
$ |
588,913 |
|
|
$ |
4.50 |
|
|
Transaction and integration costs |
|
|
10,548 |
|
|
0.2 |
|
|
|
|
|
|
|
10,548 |
|
|
|
0.08 |
|
|||
Gain on existing investment |
|
|
(782 |
) |
|
— |
|
|
|
|
|
|
|
(782 |
) |
|
|
(0.01 |
) |
|||
Acquisition-related compensation |
|
|
20,076 |
|
|
0.5 |
|
|
|
|
|
|
|
20,076 |
|
|
|
0.15 |
|
|||
Tax effect of the above |
|
|
|
|
|
|
3,133 |
|
|
(0.6 |
) |
|
|
(3,133 |
) |
|
|
(0.02 |
) |
|||
Adjusted results (non-GAAP) |
|
$ |
849,828 |
|
|
19.3 |
% |
|
$ |
233,570 |
|
|
27.5 |
% |
|
$ |
615,622 |
|
|
$ |
4.70 |
|
|
||||||||
Company-operated Store Count and Square Footage(1) |
||||||||
Square Footage Expressed in Thousands |
||||||||
|
|
Number of Stores Open at the Beginning of the Quarter |
|
Number of Stores Opened During the Quarter |
|
Number of Stores Closed During the Quarter |
|
Number of Stores Open at the End of the Quarter |
First Quarter |
|
521 |
|
3 |
|
1 |
|
523 |
Second Quarter |
|
523 |
|
11 |
|
— |
|
534 |
Third Quarter |
|
534 |
|
19 |
|
1 |
|
552 |
Fourth Quarter |
|
552 |
|
23 |
|
1 |
|
574 |
|
|
Total Gross Square Feet at the Beginning of the Quarter |
|
Feet Added During the Quarter(2) |
|
Feet Lost During the Quarter(2) |
|
Total Gross Square Feet at the End of the Quarter |
First Quarter |
|
1,858 |
|
12 |
|
8 |
|
1,862 |
Second Quarter |
|
1,862 |
|
43 |
|
— |
|
1,905 |
Third Quarter |
|
1,905 |
|
99 |
|
2 |
|
2,002 |
Fourth Quarter |
|
2,002 |
|
126 |
|
3 |
|
2,125 |
__________ |
||
(1) |
Company-operated store count and square footage summary excludes retail locations operated by third parties under license and supply arrangements. |
|
(2) |
Gross square feet added/lost during the quarter includes net square foot additions for company-operated stores which have been renovated or relocated in the quarter. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005922/en/
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