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Lululemon flexes its athleisure prowess as revenue hits £1.83bn

Canadian athleisure brand Lululemon has announced a 13% leap in net revenues for 2017, up to $2.6bn (£1.83bn) as it targets $4bn (£2.82bn) revenue in 2020.

Total like for like sales at the retailer were up 7% for the year, as the activewear market continues to thrive.

The retailer also announced an 18% increase in net revenues for the fourth quarter of 2017, up to $928.8m (£654.72m). Adjusted gross profit for the period was up 22% to $522.4m (£368.24m).

Digital sales in the quarter rose by 42%, thanks to the launch of a new website at the end of the third quarter.

It also saw strong growth internationally during the fourth quarter of 2017, with a 42% revenue rise in Europe and 52% rise in Asia, where in addition to opening new stores, the brand launched a WeChat store in China.

Lululemon now expects net revenues of between $2.99bn (£2.10bn) and $3.02bn (£2.13bn) for the full year 2018.

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