Lululemon 2025 Numbers Reveal A Surprising Trend
Lululemon's fiscal 2025 annual revenue was $11.1 billion, and the company ended the year with 811 company-operated stores worldwide, according to its full-year results for the fiscal year ended February 1, 2026. The year's growth was uneven: international sales were the main engine while the Americas remained soft, which is the central trend behind the headline numbers.
What the 2025 numbers show
Revenue growth continued, but not evenly across geographies, and that matters for interpreting the annual report. Full-year net revenue rose 5% year over year to $11.1 billion, while comparable sales increased 2% overall, with international momentum offsetting weaker demand in the Americas. The company also reported that it added 44 net new stores in fiscal 2025, expanding its global footprint to 811 locations by year-end.
The most important context is that Lululemon's fiscal 2025 was defined by a widening split between mature and growth markets. The Americas posted a 1% revenue decline for the year, while international revenue rose 22%, a gap that helps explain why the company's store strategy and geographic mix became a central investor focus. In other words, the chain kept growing, but the growth increasingly came from outside North America.
Core fiscal 2025 figures
| Metric | Fiscal 2025 | Year-over-year change |
|---|---|---|
| Net revenue | $11.1 billion | +5% |
| Comparable sales | 2% increase | Positive |
| Americas revenue | Down 1% | Negative |
| International revenue | Up 22% | Strong growth |
| Net new stores | 44 | Expansion |
| Company-operated store count | 811 | End-of-year total |
Why the store count matters
Store count is not just a vanity metric for Lululemon; it is a signal of how aggressively the brand is still investing in physical retail. Ending fiscal 2025 at 811 stores suggests the company is still broadening access to the brand even as its North American business matures. The addition of 44 net new stores during the year also shows that physical expansion remains part of the growth model, not a leftover from earlier eras of retail.
The pace of expansion matters because store openings can influence brand visibility, local market penetration, and omnichannel demand. Lululemon's international sales strength suggests that newer markets continue to absorb the brand well, and the company appears to be using stores to reinforce that momentum. For readers tracking the business from a financial angle, the store count is best read alongside revenue geography, not in isolation.
"The headline is not just that Lululemon grew; it is that international growth increasingly carried the company while the home market cooled."
Quarterly pattern inside 2025
Fourth-quarter performance confirmed the same pattern seen across the full year. Revenue rose 1% in Q4 to $3.6 billion, with Americas revenue down 4% and international revenue up 17%, a split that mirrors the year's broader direction. Lululemon also ended the quarter with 811 company-operated locations after adding 15 net new stores in the period.
That quarter matters because it shows the fiscal year did not end with a dramatic reversal in demand. Instead, the company closed the year with a stable but slower North American business and stronger overseas growth, a combination that usually pushes management to keep investing in select high-potential markets. The store footprint therefore reflects strategy as much as scale.
Historical context
Fiscal 2025 followed a period in which Lululemon had been a standout retail growth story, and that history raises expectations for every update. A revenue base of $11.1 billion is large enough that even solid percentage growth now depends on careful execution across categories, regions, and store formats. The company's results also show a classic stage-of-growth shift: the brand is still expanding, but it is no longer relying on one dominant market to power all of the gains.
This is why analysts closely watch the relationship between revenue growth and store additions. When a retailer increases its footprint while one region softens, the question becomes whether new stores are opening in productive geographies or simply adding capacity. In Lululemon's case, the international mix suggests the former is at least part of the story.
What investors watch next
- International mix, because overseas demand is now the clearest growth driver.
- Americas recovery, because domestic softness can dilute overall momentum.
- Store productivity, because 811 stores is only positive if sales per location remain healthy.
- Margin pressure, because faster expansion can sometimes come with higher operating costs.
- Product innovation, because brand strength still depends on category expansion and customer loyalty.
How to read the trend
The surprising trend in Lululemon's fiscal 2025 is not that revenue rose; it is that the company's best growth came from outside its traditional core. That shift makes the store count more interesting, because 811 stores now represent a global retail platform rather than a North America-led engine. The company's annual numbers therefore point to a brand that is still growing, but with a more international identity than many casual observers may expect.
- Start with the top line: $11.1 billion in annual revenue marks continued expansion.
- Check the geography: international growth outpaced the Americas by a wide margin.
- Review the footprint: 811 stores shows continued physical investment.
- Look at the trend: growth is increasingly coming from abroad, not just at home.
Bottom line: Lululemon's fiscal 2025 results show $11.1 billion in annual revenue and 811 stores, but the bigger story is that international growth increasingly carried the business while the Americas remained under pressure. That combination makes the annual store count a useful indicator of ongoing expansion, not just a footnote.
Expert answers to Lululemon 2025 Numbers Reveal A Surprising Trend queries
What was Lululemon's fiscal 2025 annual revenue?
Lululemon reported fiscal 2025 net revenue of $11.1 billion for the year ended February 1, 2026.
How many stores did Lululemon have at the end of fiscal 2025?
The company ended fiscal 2025 with 811 company-operated stores worldwide.
How much did Lululemon grow in fiscal 2025?
Net revenue increased 5% year over year, while comparable sales rose 2% overall.
Where did Lululemon's growth come from in 2025?
International markets drove most of the growth, with revenue up 22%, while the Americas declined 1%.
Did Lululemon open new stores in 2025?
Yes, Lululemon added 44 net new stores during fiscal 2025.