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lululemon athletica inc. Announces First Quarter Fiscal 2019 Results

Nachrichtenquelle: Business Wire (engl.)
12.06.2019, 22:05  |  227   |   |   

lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the first quarter of fiscal 2019.

For the first quarter ended May 5, 2019:

  • Net revenue was $782.3 million, an increase of 20% compared to the first quarter of fiscal 2018. On a constant dollar basis, net revenue increased 22%.
  • Based on a shifted calendar, total comparable sales increased 14%, or increased 16% on a constant dollar basis.
    • Comparable store sales increased 6%, or increased 8% on a constant dollar basis.
    • Direct to consumer net revenue increased 33%, or increased 35% on a constant dollar basis.
  • Direct to consumer net revenue represented 26.8% of total net revenue compared to 24.3% for the first quarter of fiscal 2018.
  • Gross profit was $421.7 million, an increase of 22% compared to the first quarter of fiscal 2018.
  • Gross margin was 53.9%, an increase of 80 basis points compared to the first quarter of fiscal 2018.
  • Income from operations was $128.8 million, an increase of 23% compared to the first quarter of fiscal 2018.
  • Operating margin was 16.5%, an increase of 40 basis points compared to the first quarter of fiscal 2018.
  • Income tax expense was $34.6 million compared to $32.1 million in the first quarter of fiscal 2018 and the effective tax rate was 26.4% compared to 29.9%.
  • Diluted earnings per share were $0.74 compared to $0.55 in the first quarter of fiscal 2018.

The Company ended the first quarter of fiscal 2019 with $576.2 million in cash and cash equivalents compared to $966.6 million at the end of the first quarter of fiscal 2018. Inventories at the end of the first quarter of fiscal 2019 increased 19% to $443.0 million compared to $373.4 million at the end of the first quarter of fiscal 2018. The Company ended the quarter with 455 stores.

Calvin McDonald, Chief Executive Officer, commented: "lululemon continues to see strong momentum across the entire business. I'm inspired by our teams who are executing at high levels, and I want to thank everyone across the globe for their passion and dedication to the brand. I look forward to the opportunities ahead of us, and delivering on our Power of Three five-year vision."

Updated Outlook

For the second quarter of fiscal 2019, we expect net revenue to be in the range of $825 million to $835 million based on a total comparable sales increase in the low double digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of $0.86 to $0.88 for the quarter. This guidance assumes 131 million diluted weighted-average shares outstanding and a 28% tax rate. The guidance does not reflect potential future repurchases of the Company's shares.

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