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lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2021 Results; Board of Directors Authorizes $1.0 Billion Stock Repurchase Program

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lululemon athletica inc. (NASDAQ:LULU) reported a strong fourth quarter with revenue increasing 23% to $2.1 billion and comparable sales up 22%. Diluted EPS rose to $3.36, while adjusted EPS was $3.37. For the full fiscal year, net revenue surged 42% to $6.3 billion. The company successfully achieved its Power of Three growth target ahead of schedule and plans to continue this momentum into 2022, projecting first quarter revenue between $1.525 billion and $1.550 billion and fiscal year revenue between $7.490 billion and $7.615 billion.

Positive
  • Fourth quarter revenue increased 23% to $2.1 billion.
  • Comparable sales rose 22%, with direct-to-consumer net revenue at 49% of total revenue.
  • Fiscal 2021 net revenue grew 42% to $6.3 billion.
  • Diluted EPS increased to $3.36 from $2.52 in Q4 2020.
  • Stock repurchase program approved for up to $1.0 billion.
Negative
  • Gross margin decreased by 50 basis points to 58.1% in Q4 2021.
  • Inventories surged 49% to $966.5 million, raising potential concerns about excess stock.

Fourth quarter revenue increased 23% to $2.1 billion

Comparable sales increased 22%

Diluted EPS of $3.36, Adjusted EPS of $3.37

VANCOUVER, British Columbia--(BUSINESS WIRE)-- lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the fourth quarter and fiscal year ended January 30, 2022.

Calvin McDonald, Chief Executive Officer, stated: "2021 was another successful year for lululemon, which speaks to the enduring strength of our brand and our ability to deliver sustained growth across the business. We are proud that we passed the $6 billion in annual revenue milestone for the first time, and successfully achieved our Power of Three growth target ahead of schedule. This was especially impressive given the challenging macro backdrop. We are entering the new year from a position of strength, which we’ll build upon to continue delivering for our guests and shareholders in the years to come."

We refer to the fiscal year ended January 30, 2022 as "2021", the fiscal year ended January 31, 2021 as "2020", and the fiscal year ended February 2, 2020 as 2019. The adjusted non-GAAP financial measures below exclude certain costs incurred in connection with the acquisition of MIRROR, and the related tax effects.

For the fourth quarter of 2021, compared to the fourth quarter of 2020:

  • Net revenue increased 23% to $2.1 billion. On a constant dollar basis, net revenue increased 23%.
    • Net revenue increased 21% in North America and increased 35% internationally.
  • Total comparable sales increased 22%.
    • Comparable store sales increased 32%.
    • Direct to consumer net revenue increased 17%, or increased 16% on a constant dollar basis.
  • Direct to consumer net revenue represented 49% of total net revenue compared to 52% for the fourth quarter of 2020.
  • Gross profit increased 22% to $1.2 billion, and gross margin decreased 50 basis points to 58.1%.
  • Income from operations increased 29% to $590.6 million. Adjusted income from operations increased 27% to $592.0 million.
  • Operating margin increased 120 basis points to 27.7%. Adjusted operating margin increased 90 basis points to 27.8%.
  • Income tax expense increased 23% to $156.2 million. The effective tax rate for the fourth quarter of 2021 was 26.4% compared to 27.8% for the fourth quarter of 2020. The adjusted effective tax rate was 26.4% for the fourth quarter of 2021 compared to 27.4% for the fourth quarter of 2020.
  • Diluted earnings per share were $3.36 compared to $2.52 in the fourth quarter of 2020. Adjusted diluted earnings per share for the fourth quarter of 2021 were $3.37 compared to $2.58 in the fourth quarter of 2020.
  • The Company opened 22 net new company-operated stores during the quarter, ending with 574 stores.

For 2021 compared to 2020:

  • Net revenue increased 42% to $6.3 billion. On a constant dollar basis, net revenue increased 40%.
    • Direct to consumer net revenue increased 22%, and increased 20% on a constant dollar basis.
    • Company operated store net revenue increased 70%.
    • Net revenue increased 40% in North America and increased 53% internationally.
  • Direct to consumer net revenue represented 44% of total net revenue compared to 52% for 2020.
  • Gross profit increased 46% to $3.6 billion, and gross margin increased 170 basis points to 57.7%.
  • Income from operations increased 63% to $1.3 billion. Adjusted income from operations increased 62% to $1.4 billion.
  • Operating margin increased 270 basis points to 21.3%. Adjusted operating margin increased 270 basis points to 22.0%.
  • Income tax expense increased 56% to $358.5 million. The effective tax rate was 26.9% and 28.1% for 2021 and 2020, respectively. The adjusted effective tax rate was 26.2% for 2021 compared to 27.5% for 2020.
  • Diluted earnings per share were $7.49 compared to $4.50 in 2020. Adjusted diluted earnings per share were $7.79 in 2021 compared to $4.70 in 2020.
  • The Company opened 53 net new company-operated stores during the year, ending with 574 stores.

For the fourth quarter of 2021, compared to the fourth quarter of 2019:

  • Net revenue increased by $731.6 million, or 52%, representing a two-year compound annual growth rate of 23%.
  • Gross margin increased 10 basis points.
  • Operating margin decreased 210 basis points. Adjusted operating margin decreased 200 basis points.
  • Diluted earnings per share were $3.36 compared to $2.28 in the fourth quarter of 2019. Adjusted diluted earnings per share were $3.37 in the fourth quarter of 2021.

For 2021 compared to 2019:

  • Net revenue increased by $2.3 billion, or 57%, representing a two-year compound annual growth rate of 25%.
  • Gross margin increased 180 basis points.
  • Operating margin decreased 100 basis points. Adjusted operating margin decreased 30 basis points.
  • Diluted earnings per share were $7.49 compared to $4.93 in 2019. Adjusted diluted earnings per share were $7.79 in 2021.

Meghan Frank, Chief Financial Officer, stated: "Our results were driven by consistently strong performance across our products, channels, and regions. In addition, for both the fourth quarter and full year, we delivered revenue growth above our Power of Three goals, despite the continued impact of COVID-19 and global supply chain issues. We are pleased to see our momentum continue at the start of 2022 and are optimistic about our performance for the year ahead."

Stock repurchase program

During 2021 the Company repurchased 2.2 million shares of its own common stock at an average price of $369.16 per share for a total cost of $812.6 million.

As at January 30, 2022 the Company had $187.5 million of authorization remaining on its stock repurchase program. During the first quarter of fiscal 2022, the Company completed the remaining stock repurchases under this program.

On March 23, 2022, the board of directors approved a new stock repurchase program for up to $1.0 billion of the Company's common shares.

Balance sheet highlights

The Company ended 2021 with $1.3 billion in cash and cash equivalents compared to $1.2 billion at the end of 2020. It had $397.0 million of capacity under its committed revolving credit facility at the end of 2021.

Inventories at the end of 2021 increased by 49% to $966.5 million compared to $647.2 million at the end of 2020. On a number of units basis, inventory increased 33%.

Fiscal 2022 Outlook

For the first quarter of fiscal 2022, we expect net revenue to be in the range of $1.525 billion to $1.550 billion, representing growth of 24% to 26%. Diluted earnings per share are expected to be in the range of $1.38 to $1.43 for the quarter.

For fiscal 2022, we expect net revenue to be in the range of $7.490 billion to $7.615 billion, representing growth of 20% to 22%. Diluted earnings per share are expected to be in the range of $9.15 to $9.35 for the year.

The guidance does not reflect potential future repurchases of the Company's shares.

The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and does not incorporate future unknown impacts, including from the spread of COVID-19. While most of the Company's retail locations are currently open; further resurgences in COVID-19, including from variants, could cause additional restrictions, including temporarily closing all or some of our retail locations again, result in lower consumer demand, and cause further disruption in our supply chain. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below.

Conference Call Information

A conference call to discuss 2021 results is scheduled for today, March 29, 2022, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-800-319-4610 or 1-604-638-5340, if calling internationally, approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available online at: http://investor.lululemon.com/events.cfm. A replay will be made available online approximately two hours following the live call for a period of 30 days.

About lululemon athletica inc.

lululemon athletica inc. (NASDAQ:LULU) is a healthy lifestyle inspired athletic apparel company for yoga, running, training, and most other sweaty pursuits, creating transformational products and experiences which enable people to live a life they love. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit www.lululemon.com.

Comparable Store Sales and Total Comparable Sales

The Company believes that investors would typically find comparable store sales and total comparable sales useful in assessing the performance of its business. As the temporary store closures from COVID-19 have resulted in a significant number of stores being removed from its comparable store base during the first two quarters of 2020, the Company believes total comparable sales and comparable store sales on a full year basis are not currently representative of the underlying trends of its business. The Company does not believe these metrics are currently useful to investors in understanding performance, therefore it has not included these metrics for the full fiscal year in this press release.

Non-GAAP Financial Measures

Constant dollar changes and adjusted financial results are non-GAAP financial measures. A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates.

Adjusted income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude items related to the MIRROR acquisition. We exclude transaction, integration costs, the gain on lululemon's previous investment in MIRROR, certain acquisition-related compensation costs, and the related income tax effects of these items. The acquisition-related compensation costs include accelerated expenses related to the transition of the former MIRROR Chief Executive Officer to an advisory role. We believe these adjusted financial measures are useful to investors as they provide supplemental information that enable evaluation of the underlying trend in our operating performance, and enable a more consistent comparison to our historical financial information. Further, due to the finite and discrete nature of these costs, we do not consider them to be normal operating expenses that are necessary to operate the MIRROR business and we do not expect them to recur beyond the expiry of the related vesting periods. Management uses these adjusted financial measures and constant currency metrics internally when reviewing and assessing financial performance.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or with greater prominence to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures.

Forward-Looking Statements:

This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; the current COVID-19 coronavirus pandemic and related government, private sector, and individual consumer responsive actions; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; the acceptability of its products to guests; its ability to accurately forecast guest demand for its products; changes in consumer shopping preferences and shifts in distribution channels; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to realize the potential benefits and synergies sought with the acquisition of MIRROR; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on and limited control over third-party suppliers to provide fabrics for and to produce its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in South Asia and South East Asia; its ability to safeguard against security breaches with respect to its technology systems; its compliance with privacy and data protection laws; any material disruption of its information systems; its ability to have technology-based systems function effectively and grow its e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding its environmental, social, and governance, or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in its key markets; global economic and political conditions and global events such as health pandemics; its ability to source and sell its merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in tax laws or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and patents and the prevention of sale of certain products; its exposure to various types of litigation; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov, including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.

lululemon athletica inc.

Condensed Consolidated Statements of Operations

Unaudited; Expressed in thousands, except per share amounts

 

 

 

Fourth Quarter

 

Fiscal Year

 

 

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Net revenue

 

$

2,129,113

 

 

$

1,729,550

 

 

$

1,397,491

 

 

$

6,256,617

 

 

$

4,401,879

 

 

$

3,979,296

 

Costs of goods sold

 

 

892,941

 

 

 

716,816

 

 

 

586,665

 

 

 

2,648,052

 

 

 

1,937,888

 

 

 

1,755,910

 

Gross profit

 

 

1,236,172

 

 

 

1,012,734

 

 

 

810,825

 

 

 

3,608,565

 

 

 

2,463,991

 

 

 

2,223,386

 

As a percent of net revenue

 

 

58.1

%

 

 

58.6

%

 

 

58.0

%

 

 

57.7

%

 

 

56.0

%

 

 

55.9

%

Selling, general and administrative expenses

 

 

641,959

 

 

 

544,831

 

 

 

394,316

 

 

 

2,225,034

 

 

 

1,609,003

 

 

 

1,334,247

 

As a percent of net revenue

 

 

30.2

%

 

 

31.5

%

 

 

28.2

%

 

 

35.6

%

 

 

36.6

%

 

 

33.5

%

Amortization of intangible assets

 

 

2,197

 

 

 

2,195

 

 

 

23

 

 

 

8,782

 

 

 

5,160

 

 

 

29

 

Acquisition-related expenses

 

 

1,460

 

 

 

7,802

 

 

 

 

 

 

41,394

 

 

 

29,842

 

 

 

 

Income from operations

 

 

590,556

 

 

 

457,905

 

 

 

416,487

 

 

 

1,333,355

 

 

 

819,986

 

 

 

889,110

 

As a percent of net revenue

 

 

27.7

%

 

 

26.5

%

 

 

29.8

%

 

 

21.3

%

 

 

18.6

%

 

 

22.3

%

Other income (expense), net

 

 

176

 

 

 

(886

)

 

 

2,129

 

 

 

514

 

 

 

(636

)

 

 

8,283

 

Income before income tax expense

 

 

590,732

 

 

 

457,018

 

 

 

418,616

 

 

 

1,333,869

 

 

 

819,350

 

 

 

897,393

 

Income tax expense

 

 

156,228

 

 

 

127,181

 

 

 

120,595

 

 

 

358,547

 

 

 

230,437

 

 

 

251,797

 

Net income

 

$

434,504

 

 

$

329,837

 

 

$

298,021

 

 

$

975,322

 

 

$

588,913

 

 

$

645,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

3.37

 

 

$

2.53

 

 

$

2.29

 

 

$

7.52

 

 

$

4.52

 

 

$

4.95

 

Diluted earnings per share

 

$

3.36

 

 

$

2.52

 

 

$

2.28

 

 

$

7.49

 

 

$

4.50

 

 

$

4.93

 

Basic weighted-average shares outstanding

 

 

129,015

 

 

 

130,340

 

 

 

130,311

 

 

 

129,768

 

 

 

130,289

 

 

 

130,393

 

Diluted weighted-average shares outstanding

 

 

129,508

 

 

 

130,956

 

 

 

130,896

 

 

 

130,295

 

 

 

130,871

 

 

 

130,955

 

lululemon athletica inc.

Condensed Consolidated Balance Sheets

Unaudited; Expressed in thousands

 

 

 

January 30,

2022

 

January 31,

2021

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,259,871

 

$

1,150,517

Inventories

 

 

966,481

 

 

647,230

Prepaid and receivable income taxes

 

 

118,928

 

 

139,126

Other current assets

 

 

269,573

 

 

187,506

Total current assets

 

 

2,614,853

 

 

2,124,379

Property and equipment, net

 

 

927,710

 

 

745,687

Right-of-use lease assets

 

 

803,543

 

 

734,835

Goodwill and intangible assets, net

 

 

458,179

 

 

466,957

Deferred income taxes and other non-current assets

 

 

138,193

 

 

113,357

Total assets

 

$

4,942,478

 

$

4,185,215

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

289,728

 

$

172,246

Accrued liabilities and other

 

 

330,800

 

 

226,867

Accrued compensation and related expenses

 

 

204,921

 

 

130,171

Current lease liabilities

 

 

188,996

 

 

166,091

Current income taxes payable

 

 

133,852

 

 

8,357

Unredeemed gift card liability

 

 

208,195

 

 

155,848

Other current liabilities

 

 

48,842

 

 

23,598

Total current liabilities

 

 

1,405,334

 

 

883,178

Non-current lease liabilities

 

 

692,056

 

 

632,590

Non-current income taxes payable

 

 

38,074

 

 

43,150

Deferred income tax liability

 

 

53,352

 

 

58,755

Other non-current liabilities

 

 

13,616

 

 

8,976

Stockholders' equity

 

 

2,740,046

 

 

2,558,566

Total liabilities and stockholders' equity

 

$

4,942,478

 

$

4,185,215

lululemon athletica inc.

Condensed Consolidated Statements of Cash Flows

Unaudited; Expressed in thousands

 

 

 

Fiscal Year

 

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

Net income

 

$

975,322

 

 

$

588,913

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

413,786

 

 

 

214,423

 

Net cash provided by operating activities

 

 

1,389,108

 

 

 

803,336

 

Net cash used in investing activities

 

 

(427,891

)

 

 

(695,532

)

Net cash used in financing activities

 

 

(844,987

)

 

 

(80,788

)

Effect of foreign currency exchange rate changes on cash and cash equivalents

 

 

(6,876

)

 

 

29,996

 

Increase in cash and cash equivalents

 

 

109,354

 

 

 

57,012

 

Cash and cash equivalents, beginning of year

 

$

1,150,517

 

 

$

1,093,505

 

Cash and cash equivalents, end of year

 

$

1,259,871

 

 

$

1,150,517

 

lululemon athletica inc.

Reconciliation of Non-GAAP Financial Measures

Unaudited; Expressed in thousands, except per share amounts

 

Constant dollar changes in net revenue, total comparable sales, comparable store sales, and direct to consumer net revenue.

 

The below changes show the change for the fourth quarter of 2021 compared to fourth quarter of 2020.

 

 

 

Net Revenue

 

Total

Comparable

Sales(1),(2)

 

Comparable

Store Sales(2)

 

Direct to

Consumer Net

Revenue

Change

 

23

%

 

22

%

 

32

%

 

17

%

Adjustments due to foreign currency exchange rate changes

 

 

 

 

 

%

 

(1

)

Change in constant dollars

 

23

%

 

22

%

 

32

%

 

16

%

__________

(1)

Total comparable sales includes comparable store sales and direct to consumer net revenue.

(2)

Comparable store sales reflects net revenue from company-operated stores that have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable store sales exclude sales from stores which have been temporarily relocated for renovations or have been temporarily closed.

The below changes show the change for 2021 compared to 2020.

 

 

 

Net Revenue

 

Direct to

Consumer Net

Revenue

Change

 

42

%

 

22

%

Adjustments due to foreign currency exchange rate changes

 

(2

)

 

(2

)

Change in constant dollars

 

40

%

 

20

%

Adjusted financial measures

The following tables reconcile adjusted financial measures with the most directly comparable measures calculated in accordance with GAAP. The adjustments relate to the acquisition of MIRROR, including accelerated expenses related to the transition of the former MIRROR Chief Executive Officer to an advisory role, and its related tax effects. Please refer to Note 6. Acquisition included in Item 8 of Part II of our Report on Form 10-K to be filed with the SEC on or about March 29, 2022 for further information on these adjustments.

 

 

Fourth Quarter 2021

 

 

Income from

Operations

 

Operating

Margin

 

Income Tax

Expense

 

Effective Tax

Rate

 

Net Income

 

Diluted

Earnings Per

Share

GAAP results

 

$

590,556

 

27.7

%

 

$

156,228

 

26.4

%

 

$

434,504

 

$

3.36

Transaction and integration costs

 

 

1,130

 

 

0.1

 

 

 

 

 

 

 

1,130

 

 

 

0.01

 

Acquisition-related compensation

 

 

330

 

 

 

 

 

 

 

 

 

330

 

 

 

 

Tax effect of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted results (non-GAAP)

 

$

592,016

 

 

27.8

%

 

$

156,228

 

 

26.4

%

 

$

435,964

 

 

$

3.37

 

 

 

Fiscal 2021

 

 

Income from

Operations

 

Operating

Margin

 

Income Tax

Expense

 

Effective Tax

Rate

 

Net Income

 

Diluted

Earnings Per

Share

GAAP results

 

$

1,333,355

 

21.3

%

 

$

358,547

 

26.9

%

 

$

975,322

 

 

$

7.49

 

Transaction and integration costs

 

 

2,989

 

 

 

 

 

 

 

 

 

2,989

 

 

 

0.02

 

Acquisition-related compensation

 

 

38,405

 

 

0.7

 

 

 

 

 

 

 

38,405

 

 

 

0.29

 

Tax effect of the above

 

 

 

 

 

 

1,417

 

 

(0.7

)

 

 

(1,417

)

 

 

(0.01

)

Adjusted results (non-GAAP)

 

$

1,374,749

 

 

22.0

%

 

$

359,964

 

 

26.2

%

 

$

1,015,299

 

 

$

7.79

 

 

 

Fourth Quarter 2020

 

 

Income from

Operations

 

Operating

Margin

 

Income Tax

Expense

 

Effective Tax

Rate

 

Net Income

 

Diluted

Earnings Per

Share

GAAP results

 

$

457,905

 

26.5

%

 

$

127,181

 

27.8

%

 

$

329,837

 

 

$

2.52

Transaction and integration costs

 

 

285

 

 

 

 

 

 

 

 

 

285

 

 

 

 

Acquisition-related compensation

 

 

7,517

 

 

0.4

 

 

 

 

 

 

 

7,517

 

 

 

0.06

 

Tax effect of the above

 

 

 

 

 

 

270

 

 

(0.4

)

 

 

(270

)

 

 

 

Adjusted results (non-GAAP)

 

$

465,707

 

 

26.9

%

 

$

127,451

 

 

27.4

%

 

$

337,369

 

 

$

2.58

 

 

 

Fiscal 2020

 

 

Income from

Operations

 

Operating

Margin

 

Income Tax

Expense

 

Effective Tax

Rate

 

Net Income

 

Diluted

Earnings Per

Share

GAAP results

 

$

819,986

 

 

18.6

%

 

$

230,437

 

28.1

%

 

$

588,913

 

 

$

4.50

 

Transaction and integration costs

 

 

10,548

 

 

0.2

 

 

 

 

 

 

 

10,548

 

 

 

0.08

 

Gain on existing investment

 

 

(782

)

 

 

 

 

 

 

 

 

(782

)

 

 

(0.01

)

Acquisition-related compensation

 

 

20,076

 

 

0.5

 

 

 

 

 

 

 

20,076

 

 

 

0.15

 

Tax effect of the above

 

 

 

 

 

 

3,133

 

 

(0.6

)

 

 

(3,133

)

 

 

(0.02

)

Adjusted results (non-GAAP)

 

$

849,828

 

 

19.3

%

 

$

233,570

 

 

27.5

%

 

$

615,622

 

 

$

4.70

 

lululemon athletica inc.

Company-operated Store Count and Square Footage(1)

Square Footage Expressed in Thousands

 

 

 

Number of

Stores Open

at the

Beginning of

the Quarter

 

Number of

Stores

Opened

During the Quarter

 

Number of

Stores Closed

During the

Quarter

 

Number of

Stores Open

at the End of

the Quarter

First Quarter

 

521

 

3

 

1

 

523

Second Quarter

 

523

 

11

 

 

534

Third Quarter

 

534

 

19

 

1

 

552

Fourth Quarter

 

552

 

23

 

1

 

574

 

 

Total Gross

Square Feet at

the Beginning

of the Quarter

 

Gross Square

Feet Added

During the

Quarter(2)

 

Gross Square

Feet Lost

During the

Quarter(2)

 

Total Gross

Square Feet at

the End of the

Quarter

First Quarter

 

1,858

 

12

 

8

 

1,862

Second Quarter

 

1,862

 

43

 

 

1,905

Third Quarter

 

1,905

 

99

 

2

 

2,002

Fourth Quarter

 

2,002

 

126

 

3

 

2,125

__________

(1)

Company-operated store count and square footage summary excludes retail locations operated by third parties under license and supply arrangements.

(2)

Gross square feet added/lost during the quarter includes net square foot additions for company-operated stores which have been renovated or relocated in the quarter.

 

Investor Contact:

lululemon athletica inc.

Howard Tubin

1-604-732-6124

or

ICR, Inc.

Joseph Teklits/Caitlin Churchill

1-203-682-8200

Media Contact:

lululemon athletica inc.

Erin Hankinson

1-604-732-6124

or

Brunswick Group

Eleanor French

1-415-671-7676

Source: lululemon athletica inc.

FAQ

What was lululemon's revenue for the fourth quarter of 2021?

lululemon reported a fourth quarter revenue of $2.1 billion, a 23% increase year-over-year.

How did lululemon perform in fiscal 2021?

In fiscal 2021, lululemon's net revenue increased 42% to $6.3 billion.

What is lululemon's earnings per share for Q4 2021?

The diluted earnings per share for Q4 2021 were $3.36, up from $2.52 in the same quarter last year.

What is the guidance for lululemon's first quarter of fiscal 2022?

For Q1 2022, lululemon expects net revenue between $1.525 billion and $1.550 billion.

What is lululemon's stock symbol and new stock repurchase program details?

lululemon's stock symbol is LULU, and they have approved a new stock repurchase program for up to $1.0 billion.

lululemon athletica inc.

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