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Lululemon Athletica Inc. Announces First Quarter Fiscal 2012 Results

In the Condensed Consolidated Statements of Operations table, the figure for Net income attributable to lululemon athletica inc. for the Thirteen Weeks Ended April 29, 2012 should be $46,643 (sted $43,643).

The corrected release reads:

LULULEMON ATHLETICA INC. ANNOUNCES FIRST QUARTER FISCAL 2012 RESULTS

lululemon athletica inc. (NASDAQ:LULU) (TSX:LLL) today announced financial results for the first quarter ended April 29, 2012.

For the thirteen weeks ended April 29, 2012:
  • Net revenue for the quarter increased 53% to $285.7 million from $186.8 million in the first quarter of fiscal 2011.
  • Comparable stores sales for the first quarter increased by 25% on a constant dollar basis.
  • Direct to consumer revenue increased 179% to $38.4 million, or 13.5% of total Company revenues, in the first quarter of fiscal 2012, an increase from 7.4% of total Company revenues in the first quarter of fiscal 2011.
  • Gross profit for the quarter increased 43% to $157.3 million, and as a percentage of net revenue gross profit decreased to 55.0% for the quarter from 58.7% in the first quarter of fiscal 2011.
  • Income from operations for the quarter increased 41% to $73.1 million, and as a percentage of net revenue was 25.6% compared to 27.7% of net revenue in the first quarter of fiscal 2011.
  • The tax rate for the quarter was 36.5% compared to 36.3% a year ago.
  • Diluted earnings per share for the quarter were $0.32 on net income of $46.6 million, compared to diluted earnings per share of $0.23 on net income of $33.4 million in the first quarter of fiscal 2011.

The Company ended the first quarter of fiscal 2012 with $424.3 million in cash and cash equivalents compared to $260.9 million at the end of the first quarter of fiscal 2011. Inventory at the end of the first quarter of fiscal 2012 totaled $107.7 million compared to $64.4 million at the end of the first quarter of fiscal 2011. The Company ended the quarter with 180 stores in North America, Australia and New Zealand.

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