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Athletic apparel brand lululemon has announced its financial results for the second quarter of 2023, marking an impressive revenue growth of 18%. The hike brings the brand’s Q2 2023 revenue to a rise of $2.2 billion, positioning the brand as a strong contender in the athleticwear market.
In an official press release, lululemon’s Chief Executive Officer, Calvin McDonald, shared, “Our Q2 results highlight the ongoing strength of the business amid a dynamic operating environment.” Additionally, the brand’s ability to acquire a powerful market share and new acquisitions paves the way for a promising future.
Compared to Q2 2022, lululemon marked an 18% increase in net revenue, or an increase of 20% on a constant dollar basis. The brand’s global expansion also sees a net revenue increase of 11% in North America and 52% internationally.
lululemon Marks Upward Performance in 2023
Founded in 1998, lululemon products can be seen on the shelves of many retail chains, including their own sportswear shops. In the second quarter of 2023, the brand’s B2B sales increased by 7%, whereas its Direct-To-Consumer (DTC) net revenue increased by 15%.
Most comparably, the DTC net revenue represented 40% of the brand’s total net revenue, positioning the brand’s direct shop as a trustworthy option. Supporting this is the opening of ten new lululemon-operated stores in the second quarter, bringing the brand’s total outlets to 672.
Other reported figures are a 23% increase in gross profits to $1.3 billion and a 19% increase in income from operations marking $479.3 million. As the company reached new heights, so did its diluted earnings per share – $2.68 in Q2 2023 compared to $2.26 in Q2 2022.
With the brand’s strong performance thus far, the remaining half of the year will see lululemon continue to achieve its Power of Three ×2 growth plan. The unique growth plan aims to double its net revenue by 2026, achieving an immeasurable revenue of $12.5 billion by then.
