lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2024 Results
Lululemon (NASDAQ:LULU) reported strong Q4 and full-year fiscal 2024 results, with Q4 revenue rising 13% to $3.6 billion and diluted EPS of $6.14. Full-year revenue increased 10% to $10.6 billion with diluted EPS of $14.64.
Q4 highlights include international revenue growth of 38%, gross profit increase of 15% to $2.2 billion, and operating margin improvement of 40 basis points to 28.9%. The company opened 18 net new stores in Q4, ending with 767 locations.
For fiscal 2025, Lululemon projects Q1 revenue between $2.335-2.355 billion (6-7% growth) and full-year revenue of $11.15-11.3 billion (5-7% growth). The company maintains its Power of Three ×2 growth plan, aiming to double 2021's revenue to $12.5 billion by 2026.
Lululemon (NASDAQ:LULU) ha riportato risultati solidi per il quarto trimestre e per l'intero anno fiscale 2024, con un aumento del fatturato del 13% a 3,6 miliardi di dollari e un utile per azione diluito di 6,14 dollari. Il fatturato annuale è aumentato del 10% a 10,6 miliardi di dollari con un utile per azione diluito di 14,64 dollari.
I punti salienti del quarto trimestre includono una crescita del fatturato internazionale del 38%, un aumento del profitto lordo del 15% a 2,2 miliardi di dollari e un miglioramento del margine operativo di 40 punti base al 28,9%. L'azienda ha aperto 18 nuovi negozi netti nel quarto trimestre, chiudendo con 767 location.
Per l'anno fiscale 2025, Lululemon prevede un fatturato del primo trimestre tra 2,335 e 2,355 miliardi di dollari (crescita del 6-7%) e un fatturato annuale di 11,15-11,3 miliardi di dollari (crescita del 5-7%). L'azienda mantiene il suo piano di crescita Power of Three ×2, puntando a raddoppiare il fatturato del 2021 a 12,5 miliardi di dollari entro il 2026.
Lululemon (NASDAQ:LULU) reportó resultados sólidos para el cuarto trimestre y el año fiscal completo 2024, con un aumento del 13% en los ingresos del cuarto trimestre a 3.6 mil millones de dólares y un EPS diluido de 6.14 dólares. Los ingresos del año completo aumentaron un 10% a 10.6 mil millones de dólares con un EPS diluido de 14.64 dólares.
Los aspectos destacados del cuarto trimestre incluyen un crecimiento de ingresos internacionales del 38%, un aumento del 15% en la utilidad bruta a 2.2 mil millones de dólares y una mejora del margen operativo de 40 puntos base al 28.9%. La empresa abrió 18 nuevas tiendas netas en el cuarto trimestre, terminando con 767 ubicaciones.
Para el año fiscal 2025, Lululemon proyecta ingresos del primer trimestre entre 2.335 y 2.355 mil millones de dólares (crecimiento del 6-7%) y ingresos anuales de 11.15-11.3 mil millones de dólares (crecimiento del 5-7%). La empresa mantiene su plan de crecimiento Power of Three ×2, con el objetivo de duplicar los ingresos de 2021 a 12.5 mil millones de dólares para 2026.
룰루레몬 (NASDAQ:LULU)은 2024 회계연도 4분기 및 전체 연도 실적을 발표했으며, 4분기 매출이 13% 증가하여 36억 달러에 달하고 희석 주당 순이익(EPS)은 6.14달러로 나타났습니다. 전체 연도 매출은 10% 증가하여 106억 달러에 이르며 희석 EPS는 14.64달러입니다.
4분기 주요 내용으로는 국제 매출이 38% 증가하고, 총 이익이 15% 증가하여 22억 달러에 달하며, 운영 마진이 40bp 개선되어 28.9%에 이릅니다. 회사는 4분기에 순 18개의 새로운 매장을 열어 총 767개의 매장을 운영하고 있습니다.
2025 회계연도에 대해 룰루레몬은 1분기 매출을 23억 3,500만 달러에서 23억 5,500만 달러(6-7% 성장)로 예상하며, 연간 매출은 111억 5천만 달러에서 113억 달러(5-7% 성장)로 전망하고 있습니다. 이 회사는 2021년 매출을 2026년까지 125억 달러로 두 배로 늘리기 위한 Power of Three ×2 성장 계획을 유지하고 있습니다.
Lululemon (NASDAQ:LULU) a annoncé de solides résultats pour le quatrième trimestre et l'ensemble de l'année fiscale 2024, avec une augmentation de 13 % des revenus du quatrième trimestre à 3,6 milliards de dollars et un BPA dilué de 6,14 dollars. Les revenus annuels ont augmenté de 10 % pour atteindre 10,6 milliards de dollars avec un BPA dilué de 14,64 dollars.
Les points forts du quatrième trimestre comprennent une croissance des revenus internationaux de 38 %, une augmentation du bénéfice brut de 15 % à 2,2 milliards de dollars et une amélioration de la marge opérationnelle de 40 points de base à 28,9 %. L'entreprise a ouvert 18 nouveaux magasins nets au quatrième trimestre, portant le total à 767 emplacements.
Pour l'année fiscale 2025, Lululemon prévoit un chiffre d'affaires du premier trimestre compris entre 2,335 et 2,355 milliards de dollars (croissance de 6-7 %) et un chiffre d'affaires annuel de 11,15 à 11,3 milliards de dollars (croissance de 5-7 %). L'entreprise maintient son plan de croissance Power of Three ×2, visant à doubler le chiffre d'affaires de 2021 à 12,5 milliards de dollars d'ici 2026.
Lululemon (NASDAQ:LULU) hat starke Ergebnisse für das vierte Quartal und das gesamte Geschäftsjahr 2024 gemeldet, mit einem Anstieg des Umsatzes im vierten Quartal um 13% auf 3,6 Milliarden Dollar und einem verwässerten Gewinn pro Aktie von 6,14 Dollar. Der Umsatz des gesamten Jahres stieg um 10% auf 10,6 Milliarden Dollar mit einem verwässerten Gewinn pro Aktie von 14,64 Dollar.
Die Highlights des vierten Quartals umfassen ein internationales Umsatzwachstum von 38%, einen Anstieg des Bruttogewinns um 15% auf 2,2 Milliarden Dollar und eine Verbesserung der operativen Marge um 40 Basispunkte auf 28,9%. Das Unternehmen eröffnete im vierten Quartal 18 netto neue Filialen und schloss mit 767 Standorten ab.
Für das Geschäftsjahr 2025 prognostiziert Lululemon einen Umsatz im ersten Quartal zwischen 2,335 und 2,355 Milliarden Dollar (Wachstum von 6-7%) und einen Gesamtjahresumsatz von 11,15-11,3 Milliarden Dollar (Wachstum von 5-7%). Das Unternehmen hält an seinem Wachstumsplan Power of Three ×2 fest, der darauf abzielt, den Umsatz von 2021 bis 2026 auf 12,5 Milliarden Dollar zu verdoppeln.
- Q4 revenue increased 13% to $3.6 billion
- International revenue grew 38% in Q4
- Gross margin improved 100 basis points to 60.4%
- Operating margin increased 40 basis points to 28.9%
- Full-year revenue surpassed $10 billion milestone
- Strong cash position with $2.0 billion in cash and cash equivalents
- Americas comparable sales were flat in Q4
- Americas comparable sales decreased 1% for full year
- Tax rate increased to 29.6% from 28.8% year-over-year
- Projected growth rate for 2025 (5-7%) shows deceleration from 2024 (10%)
Insights
Lululemon's Q4 and fiscal 2024 results showcase impressive performance with
The results reveal a tale of two markets: Americas segment grew modestly at
Profitability metrics improved substantially with Q4 gross margin expanding 100 basis points to
However, the company's 2025 guidance signals a notable deceleration, projecting revenue of
The company's capital allocation strategy includes substantial share repurchases (
Fourth quarter revenue increased
Full year revenue increased
Calvin McDonald, Chief Executive Officer, stated: "Our fourth quarter results exceeded our expectations as we continued to introduce more newness and innovation into our product assortment. Our performance demonstrates the ongoing strength and resilience of lululemon and is a testament to the passion and dedication of our teams around the world. As we begin 2025, we remain focused on executing on our Power of Three ×2 growth plan and delivering an exciting pipeline of innovation and brand activations for our guests and communities."
The adjusted non-GAAP financial measures below exclude asset impairment and other charges recognized in relation to lululemon Studio during 2023, and the related income tax effects of these items.
For the fourth quarter of 2024, compared to the fourth quarter of 2023:
-
Net revenue increased
13% to , or$3.6 billion 14% on a constant dollar basis.-
Americas net revenue increased7% , or8% on a constant dollar basis. -
International net revenue increased
38% , or40% on a constant dollar basis.
-
-
Excluding net revenue from the 53rd week of 2024, net revenue increased
8% . -
Comparable sales, which excludes net revenue from the 53rd week of 2024, increased
3% , or4% on a constant dollar basis.-
Americas comparable sales were flat compared to the fourth quarter of 2023. -
International comparable sales increased
20% , or22% on a constant dollar basis.
-
-
Gross profit increased
15% to and gross margin increased 100 basis points to$2.2 billion 60.4% . -
Income from operations increased
14% to and operating margin increased 40 basis points to$1.0 billion 28.9% . -
The effective income tax rate for the fourth quarter of 2024 was
29.2% compared to28.1% for the fourth quarter of 2023. -
Diluted earnings per share were
compared to$6.14 in the fourth quarter of 2023.$5.29 -
The Company repurchased 0.9 million of its shares for a cost of
.$332.2 million - The Company opened 18 net new company-operated stores during the quarter, ending with 767 stores.
For 2024 compared to 2023:
-
Net revenue increased
10% to , or increased$10.6 billion 11% on a constant dollar basis.-
Americas net revenue increased4% . -
International net revenue increased
34% , or36% on a constant dollar basis.
-
-
Excluding net revenue from the 53rd week of 2024, net revenue increased
8% . -
Comparable sales, which excludes net revenue from the 53rd week of 2024, increased
4% .-
Americas comparable sales decreased1% . -
International comparable sales increased
22% , or24% on a constant dollar basis.
-
-
Gross profit increased
12% to . Adjusted gross profit increased$6.3 billion 11% . -
Gross margin increased 90 basis points to
59.2% . Adjusted gross margin increased 60 basis points. -
Income from operations increased
17% to . Adjusted income from operations increased$2.5 billion 12% . -
Operating margin increased 150 basis points to
23.7% . Adjusted operating margin increased 50 basis points. -
The effective income tax rate was
29.6% for 2024 compared to28.8% for 2023. The adjusted effective tax rate was28.7% for 2023. -
Diluted earnings per share were
compared to$14.64 in 2023. Adjusted diluted earnings per share were$12.20 in 2023.$12.77 -
The Company repurchased 5.1 million shares for a cost of
.$1.6 billion -
The Company added 56 net new company-operated stores during the year, including 14 company-operated stores from the acquisition of the
Mexico operations, ending with 767 stores.
Meghan Frank, Chief Financial Officer, stated: "We are pleased to deliver another solid year of performance in 2024 and surpass
Balance Sheet Highlights
The Company ended 2024 with
Inventories at the end of 2024 increased by
Fiscal 2025 Outlook
For the first quarter of 2025, the Company expects net revenue to be in the range of
For 2025, the Company expects net revenue to be in the range of
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 do not incorporate future unknown impacts, including macroeconomic trends. 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.
Power of Three ×2
The Company's Power of Three ×2 growth plan calls for a doubling of the business from 2021 net revenue of
Conference Call Information
A conference call to discuss 2024 results is scheduled for today, March 27, 2025, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-844-763-8274 or 1-647-484-8814, 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: https://corporate.lululemon.com/investors/news-and-events/events-and-presentations. 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 technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.
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.
For 2023, adjusted gross profit, gross margin, income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio, and the related income tax effects of these items. The Company believes these adjusted financial measures are useful to investors as they provide supplemental information that enable evaluation of the underlying trend in its operating performance, and enable a comparison to its historical financial information. Further, due to the finite and discrete nature of these items, it does not consider them to be normal operating expenses that are necessary to run the business, or impairments that are expected to arise in the normal course of its operations.
Management uses these adjusted financial measures and constant currency metrics internally when reviewing and assessing financial performance.
The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 was a 53-week year. Fiscal 2025 will be a 52-week year. The net revenue changes excluding the 53rd week exclude net revenue for the 53rd week of 2024. This enables an evaluation of the year-over-year increase in net revenue based on 52 weeks in each year.
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. The Company's non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures reported by other companies.
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; its highly competitive market and increasing competition; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and differentiated products; the acceptability of its products to guests; increasing costs and decreasing selling prices; its ability to accurately forecast guest demand for its products; 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 manage its growth and the increased complexity of its business effectively; changes in consumer shopping preferences and shifts in distribution channels; its leasing of retail and distribution space; its ability to attract, manage, and retain highly qualified individuals; seasonality; 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; disruptions of its supply chain; its reliance on a relatively small number of vendors to supply and manufacture a significant portion of its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; fluctuating costs of raw materials; 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
lululemon athletica inc. |
||||||||||||||||
The fiscal year ended February 2, 2025 is referred to as "2024" and the fiscal year ended January 28, 2024 is referred to as "2023". The Company's next fiscal year ends on February 1, 2026 and is referred to as "2025." |
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Condensed Consolidated Statements of Operations |
||||||||||||||||
Unaudited; Expressed in thousands, except per share amounts |
||||||||||||||||
|
|
Fourth Quarter |
|
Fiscal Year |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenue |
|
$ |
3,611,497 |
|
|
$ |
3,205,103 |
|
|
$ |
10,588,126 |
|
|
$ |
9,619,278 |
|
Costs of goods sold |
|
|
1,429,545 |
|
|
|
1,301,678 |
|
|
|
4,317,315 |
|
|
|
4,009,873 |
|
Gross profit |
|
|
2,181,952 |
|
|
|
1,903,425 |
|
|
|
6,270,811 |
|
|
|
5,609,405 |
|
As a percentage of net revenue |
|
|
60.4 |
% |
|
|
59.4 |
% |
|
|
59.2 |
% |
|
|
58.3 |
% |
Selling, general and administrative expenses |
|
|
1,138,167 |
|
|
|
989,535 |
|
|
|
3,762,379 |
|
|
|
3,397,218 |
|
As a percentage of net revenue |
|
|
31.5 |
% |
|
|
30.9 |
% |
|
|
35.5 |
% |
|
|
35.3 |
% |
Impairment of goodwill and other assets, restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
74,501 |
|
Amortization of intangible assets |
|
|
1,617 |
|
|
|
— |
|
|
|
2,735 |
|
|
|
5,010 |
|
Income from operations |
|
|
1,042,168 |
|
|
|
913,890 |
|
|
|
2,505,697 |
|
|
|
2,132,676 |
|
As a percentage of net revenue |
|
|
28.9 |
% |
|
|
28.5 |
% |
|
|
23.7 |
% |
|
|
22.2 |
% |
Other income (expense), net |
|
|
15,360 |
|
|
|
17,830 |
|
|
|
70,380 |
|
|
|
43,059 |
|
Income before income tax expense |
|
|
1,057,528 |
|
|
|
931,720 |
|
|
|
2,576,077 |
|
|
|
2,175,735 |
|
Income tax expense |
|
|
309,125 |
|
|
|
262,252 |
|
|
|
761,461 |
|
|
|
625,545 |
|
Net income |
|
$ |
748,403 |
|
|
$ |
669,468 |
|
|
$ |
1,814,616 |
|
|
$ |
1,550,190 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
|
$ |
6.15 |
|
|
$ |
5.30 |
|
|
$ |
14.67 |
|
|
$ |
12.23 |
|
Diluted earnings per share |
|
$ |
6.14 |
|
|
$ |
5.29 |
|
|
$ |
14.64 |
|
|
$ |
12.20 |
|
Basic weighted-average shares outstanding |
|
|
121,683 |
|
|
|
126,228 |
|
|
|
123,735 |
|
|
|
126,726 |
|
Diluted weighted-average shares outstanding |
|
|
121,895 |
|
|
|
126,584 |
|
|
|
123,935 |
|
|
|
127,060 |
|
lululemon athletica inc. |
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Condensed Consolidated Balance Sheets |
||||||
Unaudited; Expressed in thousands |
||||||
|
|
February 2,
|
|
January 28,
|
||
ASSETS |
|
|
|
|
||
Current assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,984,336 |
|
$ |
2,243,971 |
Inventories |
|
|
1,442,081 |
|
|
1,323,602 |
Prepaid and receivable income taxes |
|
|
182,253 |
|
|
183,733 |
Other current assets |
|
|
371,632 |
|
|
309,271 |
Total current assets |
|
|
3,980,302 |
|
|
4,060,577 |
Property and equipment, net |
|
|
1,780,617 |
|
|
1,545,811 |
Right-of-use lease assets |
|
|
1,416,256 |
|
|
1,265,610 |
Goodwill and intangible assets, net |
|
|
171,191 |
|
|
24,083 |
Deferred income taxes and other non-current assets |
|
|
254,926 |
|
|
195,860 |
Total assets |
|
$ |
7,603,292 |
|
$ |
7,091,941 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
Current liabilities |
|
|
|
|
||
Accounts payable |
|
$ |
271,406 |
|
$ |
348,441 |
Accrued liabilities and other |
|
|
559,463 |
|
|
348,555 |
Accrued compensation and related expenses |
|
|
204,543 |
|
|
326,110 |
Current lease liabilities |
|
|
275,154 |
|
|
249,270 |
Current income taxes payable |
|
|
183,126 |
|
|
12,098 |
Unredeemed gift card liability |
|
|
308,352 |
|
|
306,479 |
Other current liabilities |
|
|
37,586 |
|
|
40,308 |
Total current liabilities |
|
|
1,839,630 |
|
|
1,631,261 |
Non-current lease liabilities |
|
|
1,300,637 |
|
|
1,154,012 |
Non-current income taxes payable |
|
|
— |
|
|
15,864 |
Deferred income tax liability |
|
|
98,188 |
|
|
29,522 |
Other non-current liabilities |
|
|
40,790 |
|
|
29,201 |
Stockholders' equity |
|
|
4,324,047 |
|
|
4,232,081 |
Total liabilities and stockholders' equity |
|
$ |
7,603,292 |
|
$ |
7,091,941 |
lululemon athletica inc. |
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Condensed Consolidated Statements of Cash Flows |
||||||||
Unaudited; Expressed in thousands |
||||||||
|
|
Fiscal Year |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
1,814,616 |
|
|
$ |
1,550,190 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
458,097 |
|
|
|
745,974 |
|
Net cash provided by operating activities |
|
|
2,272,713 |
|
|
|
2,296,164 |
|
Net cash used in investing activities |
|
|
(798,174 |
) |
|
|
(654,132 |
) |
Net cash used in financing activities |
|
|
(1,652,508 |
) |
|
|
(548,828 |
) |
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
(81,666 |
) |
|
|
(4,100 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
(259,635 |
) |
|
|
1,089,104 |
|
Cash and cash equivalents, beginning of year |
|
$ |
2,243,971 |
|
|
$ |
1,154,867 |
|
Cash and cash equivalents, end of year |
|
$ |
1,984,336 |
|
|
$ |
2,243,971 |
|
lululemon athletica inc. |
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Reconciliation of Non-GAAP Financial Measures |
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Unaudited; Expressed in thousands, except per share amounts |
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Constant dollar changes |
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The below changes in net revenue and comparable sales show the change compared to the corresponding period in the prior year. Comparable sales exclude net revenue from the 53rd week of 2024. |
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|
|
Fourth Quarter 2024 |
|
Fiscal 2024 |
||||||||||||||
Net Revenue |
|
Change |
|
Foreign
|
|
Change in
|
|
Change |
|
Foreign
|
|
Change in
|
||||||
|
|
5 |
% |
|
— |
% |
|
5 |
% |
|
2 |
% |
|
— |
% |
|
2 |
% |
|
|
11 |
|
|
5 |
|
|
16 |
|
|
10 |
|
|
3 |
|
|
13 |
|
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
|
7 |
|
|
1 |
|
|
8 |
|
|
4 |
|
|
— |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
46 |
|
|
2 |
|
|
48 |
|
|
41 |
|
|
2 |
|
|
43 |
|
Rest of World |
|
30 |
|
|
3 |
|
|
33 |
|
|
27 |
|
|
2 |
|
|
29 |
|
Total international |
|
38 |
|
|
2 |
|
|
40 |
|
|
34 |
|
|
2 |
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
13 |
% |
|
1 |
% |
|
14 |
% |
|
10 |
% |
|
1 |
% |
|
11 |
% |
|
|
Fourth Quarter 2024 |
|
Fiscal 2024 |
||||||||||||||
Comparable Sales (2) |
|
Change |
|
Foreign
|
|
Change in
|
|
Change |
|
Foreign
|
|
Change in
|
||||||
|
|
— |
% |
|
— |
% |
|
— |
% |
|
(1 |
)% |
|
— |
% |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
26 |
|
|
1 |
|
|
27 |
|
|
25 |
|
|
2 |
|
|
27 |
|
Rest of World |
|
14 |
|
|
3 |
|
|
17 |
|
|
19 |
|
|
1 |
|
|
20 |
|
Total international |
|
20 |
|
|
2 |
|
|
22 |
|
|
22 |
|
|
2 |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
3 |
% |
|
1 |
% |
|
4 |
% |
|
4 |
% |
|
— |
% |
|
4 |
% |
_____________ |
||
(1) |
|
On September 10, 2024, the Company acquired the lululemon branded retail locations and operations run by a third party in |
(2) |
|
Comparable sales includes comparable company-operated store and e-commerce net revenue. Comparable company-operated stores have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable company-operated stores exclude stores which have been temporarily relocated for renovations or have been temporarily closed. Company-operated stores acquired as a result of the acquisition of the |
Net revenue change excluding the 53rd week |
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The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2024 was a 53-week year while 2023 was a 52-week year. Fiscal 2025 will be a 52-week year. |
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The below changes show the change for 2024 compared to the corresponding period in 2023 by geographic area and channel, including in constant dollars. |
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|
|
Fourth Quarter 2024 |
|||||||||||||
|
|
Change |
|
Impact of
|
|
Change
|
|
Foreign
|
|
Constant
|
|||||
|
|
5 |
% |
|
(4 |
)% |
|
1 |
% |
|
— |
% |
|
1 |
% |
|
|
11 |
|
|
(5 |
) |
|
6 |
|
|
5 |
|
|
11 |
|
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
|
7 |
|
|
(5 |
) |
|
2 |
|
|
1 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
46 |
|
|
(8 |
) |
|
38 |
|
|
1 |
|
|
39 |
|
Rest of World |
|
30 |
|
|
(8 |
) |
|
22 |
|
|
4 |
|
|
26 |
|
Total international |
|
38 |
|
|
(8 |
) |
|
30 |
|
|
2 |
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
13 |
% |
|
(5 |
)% |
|
8 |
% |
|
1 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
Company-operated stores |
|
18 |
% |
|
(6 |
)% |
|
12 |
% |
|
1 |
% |
|
13 |
% |
E-commerce |
|
8 |
% |
|
(4 |
)% |
|
4 |
% |
|
1 |
% |
|
5 |
% |
|
|
Fiscal 2024 |
|||||||||||||
|
|
Change |
|
Impact of
|
|
Change
|
|
Foreign
|
|
Constant
|
|||||
|
|
2 |
% |
|
(1 |
)% |
|
1 |
% |
|
— |
% |
|
1 |
% |
|
|
10 |
|
|
(2 |
) |
|
8 |
|
|
3 |
|
|
11 |
|
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
|
4 |
|
|
(2 |
) |
|
2 |
|
|
1 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
41 |
|
|
(2 |
) |
|
39 |
|
|
2 |
|
|
41 |
|
Rest of World |
|
27 |
|
|
(2 |
) |
|
25 |
|
|
1 |
|
|
26 |
|
Total international |
|
34 |
|
|
(2 |
) |
|
32 |
|
|
1 |
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
10 |
% |
|
(2 |
)% |
|
8 |
% |
|
1 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
Company-operated stores |
|
14 |
% |
|
(2 |
)% |
|
12 |
% |
|
1 |
% |
|
13 |
% |
E-commerce |
|
6 |
% |
|
(2 |
)% |
|
4 |
% |
|
1 |
% |
|
5 |
% |
The below changes show the change for 2024 compared to the corresponding period in 2023 by category. | ||||||||||||||||||
|
|
Fourth Quarter 2024 |
|
Fiscal 2024 |
||||||||||||||
|
|
Change |
|
Impact of
|
|
Change
|
|
Change |
|
Impact of
|
|
Change
|
||||||
Women's product |
|
11 |
% |
|
(5 |
)% |
|
6 |
% |
|
9 |
% |
|
(2 |
)% |
|
7 |
% |
Men's product |
|
17 |
|
|
(5 |
) |
|
12 |
|
|
14 |
|
|
(2 |
) |
|
12 |
|
Other categories |
|
13 |
|
|
(4 |
) |
|
9 |
|
|
10 |
|
|
(2 |
) |
|
8 |
|
Total |
|
13 |
% |
|
(5 |
)% |
|
8 |
% |
|
10 |
% |
|
(2 |
)% |
|
8 |
% |
The below changes show the expected change for 2025 compared to the corresponding period in 2024. |
||
|
|
Fiscal 2025 |
Expected net revenue increase |
|
|
Impact of 53rd week |
|
|
Expected net revenue increase excluding the 53rd week (non-GAAP) |
|
|
Adjusted financial measures |
The following table reconciles the most directly comparable measures calculated in accordance with GAAP with the adjusted financial measures for 2023. The adjustments relate to certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio, and their related tax effects. Please refer to Note 9. Impairment of Goodwill and Other Assets, Restructuring Costs included in Item 8 of Part II of the Company's Report on Form 10-K to be filed with the SEC on or about March 27, 2025 for further information on the nature of these amounts. There were no adjusted financial measures for 2024. |
|
|
Fiscal 2023 |
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|
|
Gross
|
|
Gross
|
|
Income
|
|
Operating
|
|
Income Tax
|
|
Effective
|
|
Net
|
|
Diluted
|
||||||||||
GAAP results |
|
$ |
5,609,405 |
|
58.3 |
% |
|
$ |
2,132,676 |
|
22.2 |
% |
|
$ |
625,545 |
|
28.8 |
% |
|
$ |
1,550,190 |
|
|
$ |
12.20 |
|
lululemon Studio charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
lululemon Studio obsolescence provision |
|
|
23,709 |
|
0.3 |
|
|
|
23,709 |
|
0.2 |
|
|
|
|
|
|
|
23,709 |
|
|
|
0.19 |
|
||
Impairment of assets |
|
|
|
|
|
|
44,186 |
|
0.5 |
|
|
|
|
|
|
|
44,186 |
|
|
|
0.35 |
|
||||
Restructuring costs |
|
|
|
|
|
|
30,315 |
|
0.3 |
|
|
|
|
|
|
|
30,315 |
|
|
|
0.24 |
|
||||
Tax effect of the above |
|
|
|
|
|
|
|
|
|
|
26,085 |
|
(0.1 |
) |
|
|
(26,085 |
) |
|
|
(0.21 |
) |
||||
|
|
|
23,709 |
|
0.3 |
|
|
|
98,210 |
|
1.0 |
|
|
|
26,085 |
|
(0.1 |
) |
|
|
72,125 |
|
|
|
0.57 |
|
Adjusted results (non-GAAP) |
|
$ |
5,633,114 |
|
58.6 |
% |
|
$ |
2,230,886 |
|
23.2 |
% |
|
$ |
651,630 |
|
28.7 |
% |
|
$ |
1,622,315 |
|
|
$ |
12.77 |
|
lululemon athletica inc. |
||||||||
Company-operated Store Count and Square Footage(1) |
||||||||
Square footage expressed in thousands |
||||||||
|
|
Number of
|
|
Number of
|
|
Number of
|
|
Number of
|
1st Quarter 2024 |
|
711 |
|
5 |
|
5 |
|
711 |
2nd Quarter 2024 |
|
711 |
|
11 |
|
1 |
|
721 |
3rd Quarter 2024 |
|
721 |
|
28 |
|
— |
|
749 |
4th Quarter 2024 |
|
749 |
|
21 |
|
3 |
|
767 |
|
|
Total Gross
|
|
Gross Square
|
|
Gross Square
|
|
Total Gross
|
1st Quarter 2024 |
|
2,967 |
|
35 |
|
14 |
|
2,988 |
2nd Quarter 2024 |
|
2,988 |
|
90 |
|
3 |
|
3,075 |
3rd Quarter 2024 |
|
3,075 |
|
156 |
|
— |
|
3,231 |
4th Quarter 2024 |
|
3,231 |
|
153 |
|
12 |
|
3,372 |
_____________ |
||
(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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250327623807/en/
Investor Contacts:
lululemon athletica inc.
Howard Tubin
1-604-732-6124
or
ICR, Inc.
Joseph Teklits
1-203-682-8200
Media Contact:
lululemon athletica inc.
Madi Wallace
1-604-732-6124
Source: lululemon athletica inc.