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lululemon athletica inc. Announces Second Quarter Fiscal 2024 Results

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lululemon athletica (NASDAQ:LULU) reported strong Q2 fiscal 2024 results, with revenue increasing 7% to $2.4 billion and comparable sales up 2% (3% on a constant dollar basis). Diluted EPS rose to $3.15, up from $2.68 in Q2 2023. The company saw significant growth in its international business, with revenue up 29% and comparable sales increasing 19%. However, the Americas segment showed slower growth, with revenue up only 1% and comparable sales decreasing 3%.

Gross profit increased 9% to $1.4 billion, with gross margin expanding 80 basis points to 59.6%. The company opened 10 net new stores, ending the quarter with 721 locations. For Q3 2024, lululemon expects revenue between $2.340-$2.365 billion and EPS of $2.68-$2.73. The full-year 2024 outlook projects revenue of $10.375-$10.475 billion and EPS of $13.95-$14.15.

lululemon athletica (NASDAQ:LULU) ha riportato risultati solidi per il Q2 dell'anno fiscale 2024, con ricavi in aumento del 7% a 2,4 miliardi di dollari e vendite comparabili in crescita del 2% (3% su base di valuta costante). L'EPS diluito è salito a 3,15 dollari, in aumento rispetto ai 2,68 dollari del Q2 2023. L'azienda ha visto una crescita significativa nel suo business internazionale, con ricavi in aumento del 29% e vendite comparabili cresciute del 19%. Tuttavia, il segmento Americhe ha mostrato una crescita più lenta, con ricavi in aumento solo dell'1% e vendite comparabili in calo del 3%.

Il profitto lordo è aumentato del 9% a 1,4 miliardi di dollari, con un margine lordo che si è espanso di 80 punti base al 59,6%. L'azienda ha aperto 10 nuovi punti vendita netti, chiudendo il trimestre con 721 sedi. Per il Q3 2024, lululemon prevede ricavi tra 2,340 e 2,365 miliardi di dollari e un EPS di 2,68-2,73 dollari. Le previsioni per l'intero anno 2024 stimano ricavi tra 10,375 e 10,475 miliardi di dollari e un EPS di 13,95-14,15 dollari.

lululemon athletica (NASDAQ:LULU) reportó resultados sólidos para el Q2 del año fiscal 2024, con ingresos que aumentaron un 7% a 2.4 mil millones de dólares y ventas comparables que crecieron un 2% (3% en términos de moneda constante). El EPS diluido aumentó a 3.15 dólares, por encima de los 2.68 dólares del Q2 2023. La compañía vio un crecimiento significativo en su negocio internacional, con ingresos en aumento del 29% y ventas comparables aumentando un 19%. Sin embargo, el segmento de las Américas mostró un crecimiento más lento, con ingresos aumentando solo un 1% y ventas comparables disminuyendo un 3%.

La utilidad bruta aumentó un 9% a 1.4 mil millones de dólares, con un margen bruto que se expandió en 80 puntos base al 59.6%. La compañía abrió 10 nuevas tiendas netas, cerrando el trimestre con 721 ubicaciones. Para el Q3 2024, lululemon espera ingresos entre 2.340 y 2.365 millones de dólares y un EPS de 2.68 a 2.73 dólares. La proyección para todo el año 2024 estima ingresos entre 10.375 y 10.475 millones de dólares y un EPS de 13.95 a 14.15 dólares.

룰루레몬 아틀레티카 (NASDAQ:LULU)는 2024 회계년도 2분기 실적을 발표하며, 수익이 7% 증가하여 24억 달러에 달하고, 동기 대비 매출이 2% 증가했다고 보고했습니다 (상수 달러 기준으로는 3% 증가). 희석 주당 순이익(EPS)가 3.15달러로 2023년 2분기의 2.68달러에서 상승했습니다. 회사는 해외 사업에서 29%의 수익 증가와 19%의 매출 증가를 기록하며 상당한 성장을 보였습니다. 그러나 아메리카 지역은 1%의 수익 증가와 3%의 매출 감소로 더 느린 성장을 나타냈습니다.

총 이익은 9% 증가하여 14억 달러에 달하며, 총 마진은 59.6%로 80 베이시스 포인트 확장되었습니다. 회사는 순 신규 매장 10개를 열어, 분기를 721개 매장으로 마감했습니다. 2024년 3분기에는 룰루레몬이 23.40억 달러에서 23.65억 달러 사이의 수익과 2.68-2.73달러의 EPS를 예상하고 있습니다. 2024년 전체 연도의 전망은 수익 103.75-104.75억 달러와 EPS 13.95-14.15달러로 예상됩니다.

lululemon athletica (NASDAQ:LULU) a annoncé des résultats solides pour le deuxième trimestre de l'exercice fiscal 2024, avec des revenus en hausse de 7% pour atteindre 2,4 milliards de dollars et des ventes comparables en augmentation de 2% (3% sur une base de dollar constant). Le BPA dilué a grimpé à 3,15 dollars, contre 2,68 dollars au Q2 2023. L'entreprise a connu une croissance significative de son activité internationale, avec des revenus en hausse de 29% et des ventes comparables augmentant de 19%. Cependant, le segment Amériques a montré une croissance plus lente, avec des revenus en hausse de seulement 1% et des ventes comparables en baisse de 3%.

Le bénéfice brut a augmenté de 9% pour atteindre 1,4 milliard de dollars, avec une marge brute s'élevant de 80 points de base à 59,6%. L'entreprise a ouvert 10 nouveaux magasins nets, terminant le trimestre avec 721 emplacements. Pour le Q3 2024, lululemon prévoit des revenus entre 2,340 et 2,365 milliards de dollars et un BPA de 2,68 à 2,73 dollars. Les prévisions pour l'année 2024 dans son ensemble indiquent des revenus de 10,375 à 10,475 milliards de dollars et un BPA de 13,95 à 14,15 dollars.

lululemon athletica (NASDAQ:LULU) berichtete über starke Q2-Finanzzahlen für 2024, mit Umsätzen, die um 7% auf 2,4 Milliarden Dollar stiegen und vergleichbare Verkäufe um 2% zulegten (3% bei konstantem Dollar). Der verwässerte EPS stieg auf 3,15 Dollar, im Vergleich zu 2,68 Dollar im Q2 2023. Das Unternehmen verzeichnete ein erhebliches Wachstum in seinem internationalen Geschäft, mit einem Umsatzwachstum von 29% und vergleichbaren Verkäufen, die um 19% zulegten. Der Amerika-Sektor hingegen zeigte ein langsameres Wachstum, mit nur 1% Umsatzwachstum und einem Rückgang der vergleichbaren Verkäufe um 3%.

Der Bruttogewinn erhöhte sich um 9% auf 1,4 Milliarden Dollar, wobei die Bruttomarge um 80 Basispunkte auf 59,6% stieg. Das Unternehmen eröffnete 10 netto neue Geschäfte und schloss das Quartal mit 721 Standorten ab. Für das Q3 2024 erwartet lululemon Umsätze zwischen 2,340 und 2,365 Milliarden Dollar sowie einen EPS von 2,68 bis 2,73 Dollar. Die Prognose für das gesamte Jahr 2024 geht von einem Umsatz von 10,375 bis 10,475 Milliarden Dollar und einem EPS von 13,95 bis 14,15 Dollar aus.

Positive
  • Revenue increased 7% to $2.4 billion
  • Diluted EPS grew to $3.15 from $2.68 year-over-year
  • International net revenue surged 29%, with comparable sales up 19%
  • Gross profit increased 9% to $1.4 billion
  • Gross margin expanded 80 basis points to 59.6%
  • Operating margin improved 110 basis points to 22.8%
  • Company repurchased 1.9 million shares for $583.7 million
  • Inventories decreased 14% year-over-year
Negative
  • Americas comparable sales decreased 3%
  • Americas net revenue growth was only 1%
  • Effective income tax rate increased slightly to 29.6%

Insights

lululemon's Q2 results show mixed performance. While overall revenue grew 7% to $2.4 billion, there's a clear divergence between regions. The international segment is thriving with 29% growth, but the Americas segment is stagnating at just 1% growth. This regional disparity is concerning for a traditionally North America-centric brand.

The gross margin improvement of 80 basis points to 59.6% is impressive, suggesting effective cost management and pricing power. However, the 2% comparable sales growth is tepid, indicating potential market saturation or increased competition in core markets.

The company's share repurchase program of $583.7 million shows confidence in its stock, but investors should monitor if this impacts future growth investments. The reduced inventory levels (-14% YoY) are positive, indicating better supply chain management.

lululemon's Q2 results reveal interesting market dynamics. The stark contrast between international and Americas performance suggests a shifting global landscape for athleisure. The brand's 29% international growth indicates strong brand appeal and market penetration overseas, potentially offsetting saturation in North America.

The modest 2% comparable sales growth might signal market maturation or increased competition in the athleisure space. However, lululemon's ability to maintain strong margins suggests it's retaining its premium positioning.

The company's focus on its "Power of Three ×2 growth plan" and strategic investments hint at efforts to revitalize growth in mature markets. Investors should watch for initiatives targeting the underperforming Americas segment, as this could be important for maintaining overall growth momentum.

Revenue increased 7% to $2.4 billion

Comparable sales increased 2%, or 3% on a constant dollar basis

Diluted EPS of $3.15

VANCOUVER, British Columbia--(BUSINESS WIRE)-- lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the second quarter of fiscal 2024, which ended on July 28, 2024.

Calvin McDonald, Chief Executive Officer, stated: "In the second quarter, lululemon delivered revenue and earnings growth, with ongoing strength across our international business. In the U.S., our teams continue to optimize our product assortment and remain focused on driving forward our opportunities in the market. Looking ahead, we feel confident in the long runway in front of us as we execute on our Power of Three ×2 growth plan."

For the second quarter of 2024, compared to the second quarter of 2023:

  • Net revenue increased 7% to $2.4 billion, or increased 8% on a constant dollar basis.
    • Americas net revenue increased 1%, or 2% on a constant dollar basis.
    • International net revenue increased 29%, or 31% on a constant dollar basis.
  • Comparable sales increased 2%, or 3% on a constant dollar basis.
    • Americas comparable sales decreased 3%, or 2% on a constant dollar basis.
    • International comparable sales increased 19%, or 22% on a constant dollar basis.
  • Gross profit increased 9% to $1.4 billion.
  • Gross margin increased 80 basis points to 59.6%.
  • Income from operations increased 13% to $540.2 million.
  • Operating margin increased 110 basis points to 22.8%.
  • The effective income tax rate for the second quarter of 2024 was 29.6% compared to 29.8% for the second quarter of 2023.
  • Diluted earnings per share were $3.15 compared to $2.68 in the second quarter of 2023.
  • The Company repurchased 1.9 million of its shares for a cost of $583.7 million.
  • The Company opened 10 net new company-operated stores during the second quarter, ending with 721 stores.

Meghan Frank, Chief Financial Officer, stated: "Earnings per share exceeded our expectations in the second quarter, driven by better-than-expected gross margin expansion and disciplined execution. As we enter the back half of the year, we remain focused on executing on our near-term priorities, while strategically investing for long-term growth. I would like to thank our teams around the world for their commitment to lululemon."

Balance Sheet Highlights

The Company ended the second quarter of 2024 with $1.6 billion in cash and cash equivalents and the capacity under its committed revolving credit facility was $393.7 million.

Inventories at the end of the second quarter of 2024 decreased 14% to $1.4 billion compared to $1.7 billion at the end of the second quarter of 2023.

2024 Outlook

For the third quarter of 2024, the Company expects net revenue to be in the range of $2.340 billion to $2.365 billion, representing growth of 6% to 7%. Diluted earnings per share are expected to be in the range of $2.68 to $2.73 for the quarter. This assumes a tax rate of approximately 30%.

For 2024, the Company now expects net revenue to be in the range of $10.375 billion to $10.475 billion, representing growth of 8% to 9%, or 6% to 7% excluding the 53rd week of 2024. Diluted earnings per share are now expected to be in the range of $13.95 to $14.15 for the year. This assumes a tax rate of approximately 30%.

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 $6.25 billion to $12.5 billion by 2026. The key pillars of the plan are product innovation, guest experience, and market expansion and the growth strategy includes a plan to double men's, double e-commerce, and quadruple international net revenue relative to 2021.

Conference Call Information

A conference call to discuss second quarter results is scheduled for today, August 29, 2024, 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 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. Management uses these 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 will be a 53-week year. The expected net revenue increase excluding the 53rd week excludes the expected net revenue for the 53rd week of 2024. This enables an evaluation of the expected 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; changes in consumer shopping preferences and shifts in distribution channels; the acceptability of its products to guests; 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; 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; its ability to successfully open new store locations in a timely manner; seasonality; 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; 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 or regional health events such as the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; global economic and political conditions; 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.

The fiscal year ending February 2, 2025 is referred to as "2024" and the fiscal year ended January 28, 2024 is referred to as "2023".

Condensed Consolidated Statements of Operations
Unaudited; Expressed in thousands, except per share amounts

 

 

Second Quarter

 

First Two Quarters

 

 

2024

 

2023

 

2024

 

2023

Net revenue

 

$

2,371,078

 

$

2,209,165

 

$

4,579,969

 

$

4,209,957

Costs of goods sold

 

 

958,893

 

 

910,654

 

 

1,892,716

 

 

1,760,641

Gross profit

 

 

1,412,185

 

 

1,298,511

 

 

2,687,253

 

 

2,449,316

As a percentage of net revenue

 

 

59.6%

 

 

58.8%

 

 

58.7%

 

 

58.2%

Selling, general and administrative expenses

 

 

871,959

 

 

817,375

 

 

1,714,385

 

 

1,564,888

As a percentage of net revenue

 

 

36.8%

 

 

37.0%

 

 

37.4%

 

 

37.2%

Amortization of intangible assets

 

 

 

 

1,879

 

 

 

 

3,757

Income from operations

 

 

540,226

 

 

479,257

 

 

972,868

 

 

880,671

As a percentage of net revenue

 

 

22.8%

 

 

21.7%

 

 

21.2%

 

 

20.9%

Other income (expense), net

 

 

17,994

 

 

7,362

 

 

41,277

 

 

15,387

Income before income tax expense

 

 

558,220

 

 

486,619

 

 

1,014,145

 

 

896,058

Income tax expense

 

 

165,298

 

 

145,016

 

 

299,802

 

 

264,050

Net income

 

$

392,922

 

$

341,603

 

$

714,343

 

$

632,008

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

3.15

 

$

2.69

 

$

5.70

 

$

4.97

Diluted earnings per share

 

$

3.15

 

$

2.68

 

$

5.69

 

$

4.96

Basic weighted-average shares outstanding

 

 

124,721

 

 

126,969

 

 

125,358

 

 

127,108

Diluted weighted-average shares outstanding

 

 

124,857

 

 

127,263

 

 

125,600

 

 

127,442

lululemon athletica inc.

Condensed Consolidated Balance Sheets
Unaudited; Expressed in thousands

 

 

July 28,

2024

 

January 28,

2024

 

July 30,

2023

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,610,112

 

$

2,243,971

 

$

1,107,530

Inventories

 

 

1,429,043

 

 

1,323,602

 

 

1,660,753

Prepaid and receivable income taxes

 

 

210,969

 

 

183,733

 

 

224,916

Other current assets

 

 

321,620

 

 

309,271

 

 

330,734

Total current assets

 

 

3,571,744

 

 

4,060,577

 

 

3,323,933

Property and equipment, net

 

 

1,614,893

 

 

1,545,811

 

 

1,367,172

Right-of-use lease assets

 

 

1,302,947

 

 

1,265,610

 

 

1,079,198

Goodwill and intangible assets, net

 

 

23,925

 

 

24,083

 

 

42,380

Deferred income taxes and other non-current assets

 

 

230,626

 

 

195,860

 

 

179,775

Total assets

 

$

6,744,135

 

$

7,091,941

 

$

5,992,458

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

317,348

 

$

348,441

 

$

298,914

Accrued liabilities and other

 

 

396,423

 

 

348,555

 

 

399,178

Accrued compensation and related expenses

 

 

174,702

 

 

326,110

 

 

192,289

Current lease liabilities

 

 

278,067

 

 

249,270

 

 

216,837

Current income taxes payable

 

 

19,231

 

 

12,098

 

 

20,576

Unredeemed gift card liability

 

 

250,754

 

 

306,479

 

 

216,116

Other current liabilities

 

 

32,126

 

 

40,308

 

 

42,460

Total current liabilities

 

 

1,468,651

 

 

1,631,261

 

 

1,386,370

Non-current lease liabilities

 

 

1,180,823

 

 

1,154,012

 

 

976,736

Non-current income taxes payable

 

 

 

 

15,864

 

 

15,864

Deferred income tax liability

 

 

28,876

 

 

29,522

 

 

55,258

Other non-current liabilities

 

 

34,140

 

 

29,201

 

 

24,748

Stockholders' equity

 

 

4,031,645

 

 

4,232,081

 

 

3,533,482

Total liabilities and stockholders' equity

 

$

6,744,135

 

$

7,091,941

 

$

5,992,458

lululemon athletica inc.

Condensed Consolidated Statements of Cash Flows
Unaudited; Expressed in thousands

 

 

First Two Quarters

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

 

Net income

 

$

714,343

 

 

$

632,008

 

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

 

 

(143,679

)

 

 

(109,795

)

Net cash provided by operating activities

 

 

570,664

 

 

 

522,213

 

Net cash used in investing activities

 

 

(266,625

)

 

 

(283,660

)

Net cash used in financing activities

 

 

(916,543

)

 

 

(305,651

)

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

 

 

(21,355

)

 

 

19,761

 

Decrease in cash and cash equivalents

 

 

(633,859

)

 

 

(47,337

)

Cash and cash equivalents, beginning of period

 

 

2,243,971

 

 

 

1,154,867

 

Cash and cash equivalents, end of period

 

$

1,610,112

 

 

$

1,107,530

 

lululemon athletica inc.

Reconciliation of Non-GAAP Financial Measures
Unaudited

Constant dollar changes

The below changes show the change for the second quarter of 2024 compared to the second quarter of 2023.

 

 

Net Revenue

 

 

Change

 

Foreign

exchange

 

Change in

constant

dollars

United States

 

%

 

%

 

%

Canada

 

8

 

 

3

 

 

11

 

Americas

 

1

 

 

1

 

 

2

 

 

 

 

 

 

 

 

China Mainland

 

34

 

 

3

 

 

37

 

Rest of World

 

24

 

 

3

 

 

27

 

Total international

 

29

 

 

2

 

 

31

 

 

 

 

 

 

 

 

Total

 

7

%

 

1

%

 

8

%

 

 

 

Comparable Sales(1)

 

 

Change

 

Foreign

exchange

 

Change in

constant

dollars

Americas

 

(3

)%

 

1

%

 

(2

)%

 

 

 

 

 

 

 

China Mainland

 

21

 

 

2

 

 

23

 

Rest of World

 

17

 

 

3

 

 

20

 

Total international

 

19

 

 

3

 

 

22

 

 

 

 

 

 

 

 

Total

 

2

%

 

1

%

 

3

%

__________

(1)

 

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.

Expected net revenue increase excluding the 53rd week

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 will be a 53-week year.

 

 

Fiscal 2024

Expected net revenue increase

 

8% to 9%

Impact of 53rd week

 

(2)%

Expected net revenue increase excluding the 53rd week (non-GAAP)

 

6% to 7%

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

3rd Quarter 2023

 

672

 

15

 

1

 

686

4th Quarter 2023

 

686

 

26

 

1

 

711

1st Quarter 2024

 

711

 

5

 

5

 

711

2nd Quarter 2024

 

711

 

11

 

1

 

721

 

 

 

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

3rd Quarter 2023

 

2,691

 

109

 

3

 

2,797

4th Quarter 2023

 

2,797

 

173

 

3

 

2,967

1st Quarter 2024

 

2,967

 

35

 

14

 

2,988

2nd Quarter 2024

 

2,988

 

90

 

3

 

3,075

__________

(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 Contacts:

lululemon athletica inc.

Howard Tubin

1-604-732-6124

or

ICR, Inc.

Joseph Teklits/Caitlin Churchill

1-203-682-8200

Media Contacts:

lululemon athletica inc.

Erin Hankinson

1-604-732-6124

or

lululemon athletica inc.

Madi Wallace

1-604-732-6124

Source: lululemon athletica inc.

FAQ

What was lululemon's (LULU) revenue for Q2 fiscal 2024?

lululemon's revenue for Q2 fiscal 2024 was $2.4 billion, representing a 7% increase compared to the same period last year.

How did lululemon's (LULU) international business perform in Q2 2024?

lululemon's international business showed strong growth in Q2 2024, with net revenue increasing 29% and comparable sales rising 19%.

What is lululemon's (LULU) earnings per share (EPS) guidance for Q3 2024?

lululemon expects diluted earnings per share to be in the range of $2.68 to $2.73 for Q3 2024.

How many stores did lululemon (LULU) have at the end of Q2 2024?

lululemon ended Q2 2024 with 721 company-operated stores, after opening 10 net new stores during the quarter.

What is lululemon's (LULU) full-year revenue outlook for 2024?

lululemon now expects full-year 2024 net revenue to be in the range of $10.375 billion to $10.475 billion, representing growth of 8% to 9%.

lululemon athletica inc.

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