lululemon athletica opened 81 net new stores in FY22. Credit: Elvert Barnes/ Flickr (Creative Commons)

Apparel company lululemon athletica has reported a 30% increase in total revenue to $8.1bn in fiscal 2022 (FY22), compared with fiscal 2021 (FY21).

The company’s net revenue increased by 29% in North America and 35% internationally.

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During the fiscal ending 29 January 2023, the total comparable sales for Lululemon Athletica increased by 25% while comparable store sales increased by 16%.

Direct-to-consumer net revenue increased by 33% in FY22 and accounted for 46% of total net revenue.

The retailer saw its gross margin drop 230 basis points (bps) to 55.4% during the fiscal year and its operating margin decreased to 16.4% from 21.3% in 2021.

In the fourth quarter (Q4) of FY22, lululemon athletica’s net revenue rose by 30% to $2.8bn, driven by growth in North America and other regions.

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The company’s total comparable sales increased by 27% in Q4 FY22, and comparable store sales increased by 15% from the same period a year ago.

Its direct-to-consumer net revenue increased by 37% during the quarter and represented 52% of total net revenue.

The financial results also revealed that the income from operations decreased to $314.4m in Q4 FY22.

lululemon athletica chief executive officer Calvin McDonald said: “In the fourth quarter and full-year 2022, we delivered strong results across the business driven by our innovative products, powerful guest experiences, and strategic market expansion.

“Our continued high level of performance is a reflection of the hard work and agility of our incredible teams and the deep connections they create with our guests and communities around the world.”

In fiscal year 2023 (FY23), lululemon athletica expects net revenue ranging between $9.3bn and $9.41bn.

The retailer opened 32 net new stores during Q4 2022, taking the number of stores to 655.