Lululemon Athletica Inc (NASDAQ:LULU) aims to double its 2021 revenue in the next five years as it rides a wave of workout clothing demand driven by the Covid pandemic.
The company's sales grew 40% from the prior year to US$6.25bn in 2021, driven primarily by direct-to-consumer sales and strong overseas demand.
By the end of the next five years, the athletic apparel retailer hopes to reach US$12.5bn of revenue, as it doubles sales to men, doubles digital sales, and quadruples international sales.
In addition to introducing new membership options in the coming months, Lululemon plans to open brick-and-mortar stores in Spain and Italy.
Three key factors are to drive the company's momentum in the years ahead: product innovation, customer experience, and market expansion, it said.
"We remain early in our growth journey," said Lululemon chief executive Calvin McDonald, in a statement. "I am excited about taking our growth strategies to the next level."
After setting a number of financial targets in April 2019, the company achieved the goal of expanding its men's fashion sales two years ahead of schedule, while also tripling digital revenue from 2018 to 2021.
Within the next five years, the company also expects earnings per share growth to outpace revenue growth.
Lululemon said it also gained more market share globally than any other brand in the adult active apparel industry from 2019 to 2021, up against competitors such as Nike Inc (NYSE:NKE), adidas AG (OTCQX:ADDYY) and Under Armour Inc (NYSE:UA), as well as up-and-coming brands like Vuori for men and Sweaty Betty for women.