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Lululemon Athletica Inc. Announces First Quarter Fiscal 2012 Results

Stocks in this article: LLLLULU

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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