International Revenue Breakdown: How Lululemon's Global Expansion Stands Out

When examining Lululemon (LULU) performance across its international markets in the October 2025 quarter, the athletic apparel giant’s overseas operations tell a compelling growth story. Understanding how this company generates revenue from different geographic regions provides crucial insights into its financial resilience and expansion potential. For investors seeking exposure to companies with diversified revenue streams, tracking LULU’s international performance reveals both strong momentum and emerging risks.

Quarterly Performance Overview

Lululemon delivered $2.57 billion in total revenue for the quarter, reflecting a solid 7.1% year-over-year increase. The international segment contributed substantially to this performance, with different regions showing varying strength. This geographic diversification demonstrates the company’s ability to capitalize on global consumer demand while managing currency and geopolitical headwinds.

Regional Revenue Breakdown: Where Growth Is Concentrated

China Mainland emerged as the standout performer, generating $465.36 million and representing 18.1% of quarterly revenues. This figure surpassed analyst expectations by 17.71%, with projections at $395.35 million. Compared to the prior quarter ($392.9 million) and year-ago period ($318.34 million), China’s trajectory shows accelerating momentum—a 46% increase year-over-year signals strong consumer demand in the region.

Canada delivered $331.6 million, accounting for 12.9% of total revenue. This slightly exceeded consensus estimates of $329.24 million by 0.72%. Sequential comparison shows a modest decline from the previous quarter’s $321.29 million, though it remains above year-ago levels of $335.48 million, reflecting stable but relatively flat performance in the home market.

Other geographic areas—primarily Europe and Asia-Pacific markets outside China—generated $320.71 million, or 12.5% of revenue. This outperformed expectations by 11.21%, with analysts forecasting $288.39 million. The region has grown consistently, from $266.89 million a year ago, indicating successful market penetration beyond flagship geographies.

Hong Kong SAR, Taiwan, and Macau SAR contributed $46.46 million (1.8% of revenue), falling slightly short of the $49.09 million projection. While this represents a -5.35% miss, the region remains a small but stable component of LULU’s international mix.

Forward-Looking Guidance: Where Analysts Expect Growth

For the current fiscal quarter, Wall Street projects Lululemon will report $3.59 billion in total revenue, implying a 0.6% year-over-year decline—a notable deceleration. International regions are expected to contribute as follows:

• China Mainland: 14.1% of revenue ($506.66 million)
• Canada: 12.7% ($455.08 million)
• Other geographic areas: 11% ($393.84 million)
• Hong Kong SAR, Taiwan, and Macau SAR: 1.8% ($65.64 million)

Looking at full-year expectations, analysts forecast $11.05 billion in total revenue, representing 4.4% growth versus the prior year. International regions are anticipated to drive growth, with China Mainland contributing 15.1% ($1.66 billion) and Other geographic areas adding 11.7% ($1.29 billion).

Key Takeaways: International Performance as a Growth Lever

Lululemon’s international operations revealed a mixed picture. China Mainland’s exceptional quarterly beat demonstrates the company’s traction in its largest growth market, while established markets like Canada show stability. The broader “other geographic areas” segment continues expanding, suggesting successful expansion beyond traditional strongholds.

However, forward guidance implies decelerating growth in the near term, which warrants monitoring. For investors, understanding regional revenue contributions is essential for assessing earnings durability, cyclical exposure, and long-term growth runway. Currency fluctuations, geopolitical tensions, and market-specific dynamics remain variables that could influence results as Lululemon continues navigating its global expansion strategy.

The stock’s recent strength—appreciating 20.1% over the past month compared to a 0.2% decline in the broader market—suggests investor confidence in the company’s trajectory, though near-term performance will likely track general market conditions as the company moderates growth expectations.