US apparel company Lululemon Athletica has reported net revenue of $2.2bn in the third quarter (Q3) of the fiscal year 2023 (FY23), increasing by 19% from $1.8bn in the same period of FY22.

The retailer’s net revenue in North America increased by 12% during the quarter, and internationally by 49%.

lululemon athletica’s comparable store sales increased 9% and its total comparable sales increased 13%.

Direct-to-consumer net revenue increased 18% in Q3 FY23, representing 41% of the quarter’s total net revenue. 

lululemon athletica posted a gross profit of $1.25bn in Q3 FY23, increasing 21% from $1.03bn in the same period of the previous year. Its adjusted gross profit increased 23% to $1.3bn.

The company’s net income for Q3 FY23 fell to $248.71m, compared with $255.47m in Q3 FY22.

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By GlobalData

Its income from operations decreased by 4% to $338.1m, while adjusted income from operations grew by 24% to $436.3m year-on-year.

The retailer posted diluted earnings per share (EPS) of $1.96 in Q3 FY23, compared with $2.00 in Q3 FY22.

lululemon athletica chief executive officer Calvin McDonald stated: “This was another strong quarter for lululemon as our innovative product offerings and community activations continued to powerfully resonate with our guests globally.

“As we enter the holiday season, we are pleased with our early performance and are well-positioned to deliver for our guests in the fourth quarter. I am energised by the significant opportunities ahead, and would like to thank our incredible teams around the world for their continued passion and commitment to our brand.”

For the fourth quarter of FY23, lululemon athletica expects net revenue to grow by 13% to 14% to a range between $3.135bn and $3.170bn.

Diluted EPS for the quarter is forecast to be between $4.85 and $4.93.

In the full year ending 28 January 2024, the retailer expects net revenue to be between $9.55bn and $9.58bn, increasing by 18% from the previous fiscal year.

The fiscal year’s diluted EPS is expected to be between $11.77 and $11.85.

The retailer opened 14 net new company-operated stores in Q3 FY23, ending the quarter with 686 stores.