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Lululemon Athletica Inc. Announces Third Quarter Fiscal 2012 Results

Stocks in this article: LLLLULU

lululemon athletica inc. (NASDAQ:LULU) (TSX:LLL) today announced financial results for the third quarter ended October 28, 2012.

For the thirteen weeks ended October 28, 2012:

  • Net revenue for the quarter increased 37% to $316.5 million from $230.2 million in the third quarter of fiscal 2011.
  • Comparable stores sales for the third quarter increased by 18% on a constant dollar basis.
  • Direct to consumer revenue increased 89% to $45.1 million, or 14.3% of total Company revenues, in the third quarter of fiscal 2012, an increase from 10.4% of total Company revenues in the third quarter of fiscal 2011.
  • Gross profit for the quarter increased 36% to $175.3 million, and as a percentage of net revenue gross profit decreased to 55.4% for the quarter from 55.8% in the third quarter of fiscal 2011.
  • Income from operations for the quarter increased 35% to $80.6 million, and as a percentage of net revenue was 25.5% compared to 25.9% of net revenue in the third quarter of fiscal 2011.
  • The tax rate for the quarter was 30.1% compared to 35.5% a year ago. The lower effective rate reflects the ongoing impact of revised intercompany pricing agreements.
  • Diluted earnings per share for the quarter were $0.39 on net income of $57.3 million, compared to diluted earnings per share of $0.27 on net income of $38.8 million in the third quarter of fiscal 2011.

For the thirty-nine weeks ended October 28, 2012:

  • Net revenue for the first three quarters increased 41% to $884.9 million from $629.3 million in the same period of fiscal 2011.
  • Comparable stores sales for the first three quarters increased by 19% on a constant dollar basis.
  • Direct to consumer revenue increased 112% to $119.0 million, or 13.4% of total Company revenues, in the first three quarters of fiscal 2012, an increase from 8.9% of total Company revenues in the first three quarters of fiscal 2011.
  • Gross profit for the first three quarters increased 36% to $488.3 million, and as a percentage of net revenue gross profit decreased to 55.2% for the first three quarters from 57.3% in the same period of fiscal 2011.
  • Income from operations for the first three quarters increased 31% to $223.9 million, and as a percentage of net revenue was 25.3% compared to 27.2% of net revenue in the same period of fiscal 2011.
  • The tax rate for the first three quarters was 28.7% compared to 35.8% a year ago. The lower effective rate reflects the ongoing impact of revised intercompany pricing agreements.
  • Diluted earnings per share for the first three quarters were $1.11 on net income of $161.2 million, compared to diluted earnings per share of $0.76 on net income of $110.5 million in the same period of fiscal 2011.

The Company ended the third quarter of fiscal 2012 with $439.4 million in cash and cash equivalents compared to $276.9 million at the end of the third quarter of fiscal 2011. Inventory at the end of the third quarter of fiscal 2012 totaled $164.7 million compared to $129.2 million at the end of the third quarter of fiscal 2011. The Company ended the quarter with 201 stores in North America and Australia.

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