Canadian athletic retailer lululemon athletica has generated $1.6bn in net revenue for the first quarter (Q1) of the fiscal year 2022 (FY22), up by 32% compared with the corresponding period of the prior year.
For the quarter ending on 1 May, the company’s business in North America posted a revenue growth of 32%, or 29% internationally.
Total comparable sales for Q1 rose 28%, or 29% on a constant dollar basis, while comparable store sales increased 24%.
Lululemon’s income from operations was $260.3m increased 34% from the prior year, and adjusted income from operations grew 29%.
Diluted earnings per share (EPS) for the quarter increased from $1.11 in the first quarter of 2021 to $1.48 in same period 2022.
Its operating margin rose 30 basis points to 16.1%, while adjusted operating margin dropped 30 basis points in Q1.
Gross profit increased 24% to $870.4m and gross margin decreased 320 basis points to 53.9%.
Lululemon chief executive officer Calvin McDonald said: “In the first quarter of 2022, continued momentum in the business enabled us to achieve a strong start to the year. These results provide a solid foundation as we begin our next five-year journey and deliver against our new Power of Three ×2 growth plan.
“I want to thank our teams around the world for remaining agile and continuing to execute at a high level to achieve our goals, while successfully navigating the challenges within the macro environment. We look forward to all that lies ahead for lululemon as we continue to grow the brand.”
Lululemon expects net revenue in the range of c$1.750bn ($1.39bn) to C$1.775bn ($1.41bn) for the second quarter of 2022.
For full year 2022, the company expects net revenue to be in the range of $7.610bn to $7.710bn.
Lululemon opened five net new company-operated stores during Q1 and ended the quarter with a total of 579 stores.