The Vancouver company reported fourth quarter earnings of $2.58 per share on revenue that rose 24% year over year to $1.7 billion.
Analysts were expecting Lululemon to report earnings of $2.49 per share on revenue of $1.66 billion.
Lululemon has been gaining traction in China as third-quarter revenue doubled there compared to 47% growth in international markets overall.
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"I'm proud of how we navigated this past year and delivered for our employees, guests and shareholders. Our continued growth demonstrates the strength of lululemon -- before, during and as the pandemic subsides," said CEO Calvin McDonald.
Lululemon shares were down 0.66% to $315 per share at last check late Tuesday.
While first-quarter earnings are expected to range between 86 cents and 90 cents per share, above consensus estimates of 82 cents per share, full year earnings between $6.30 and $6.45 per share are below consensus estimates of $6.71 per share.
Lululemon expects first quarter revenue to be between $1.1 billion and $1.13 billion, compared to $992 million expectations. For the year, revenue is expected to be between $5.55 billion and $5.65 billion, vs analyst expectations of $5.41 billion.
The company does note that while most of its retail locations are currently open, tighter capacity restrictions and other precautionary measures are in place in most markets.
Direct to consumer revenue more than doubled in 2020, driven partially by the COVID-19 pandemic. Direct to consumer net revenue represented 52% of total net revenue for the company last year, compared to just 29% in 2019.