- Net revenue for the quarter increased 11% to $384.6 million from $345.8 million in the first quarter of fiscal 2013.
- Total comparable sales on a combined basis increased 1% for the first quarter on a constant dollar basis. Comparable corporate-store sales for the first quarter decreased by 4% on a constant dollar basis and direct to consumer revenue increased 25% on a constant dollar basis.
- Direct to consumer revenue increased to $66.0 million, or 17.2% of total Company revenues, in the first quarter of fiscal 2014, an increase from 15.6% of total Company revenues in the first quarter of fiscal 2013.
- Gross profit for the quarter increased 15% to $195.7 million, and as a percentage of net revenue gross profit increased to 50.9% for the quarter from 49.4% in the first quarter of fiscal 2013. Gross profit for the first quarter of fiscal 2013 included a provision of $17.5 million related to the pull-back of black Luon pants.
- Income from operations for the quarter increased 6% to $69.8 million, and as a percentage of net revenue was 18.2% compared to 19.1% of net revenue in the first quarter of fiscal 2013.
- Tax expense for the quarter was $52.5 million, which included a one-time adjustment of $30.9 million for the planned repatriation of foreign earnings that will be used to fund the share buyback program. The normalized tax rate before the $30.9 million non-recurring adjustment would have been 30.1%, compared to 29.8% a year ago. The tax rate for the first quarter of fiscal 2014, including the one-time adjustment, was 73.4%.
- Excluding the one-time adjustment, diluted earnings per share were $0.34 in the first quarter of fiscal 2014. Including the non-recurring adjustment, diluted earnings per share for the quarter were $0.13, which included a $0.21 per share impact from the planned repatriation of foreign earnings.
Lululemon Athletica Inc. Announces First Quarter Fiscal 2014 Results And $450 Million Share Buyback Program
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