Lululemon Athletica Inc. Announces Fourth Quarter And Full Year Fiscal 2013 Results

lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the fourth quarter and fiscal year ended February 2, 2014.

For the fourth quarter ended February 2, 2014:
  • Net revenue for the quarter increased 7% to $521.0 million from $485.5 million in the fourth quarter of fiscal 2012. The fourth quarter of fiscal 2013 consisted of 13 weeks while the fourth quarter of fiscal 2012 consisted of 14 weeks. Net sales for fiscal 2012 include the additional week; however comparable stores sales calculations exclude the 14th week.
  • Comparable stores sales for the fourth quarter decreased by 2% on a constant dollar basis. Total comparable sales, including comparable stores and direct to consumer, increased 4% for the fourth quarter on a constant dollar basis.
  • Direct to consumer revenue increased 25% to $97.8 million, or 18.8% of total Company revenues, in the fourth quarter of fiscal 2013, an increase from 16.1% of total Company revenues in the fourth quarter of fiscal 2012.
  • Gross profit for the quarter increased by 2% to $278.8 million, but as a percentage of net revenue gross profit decreased to 53.5% for the quarter from 56.5% in the fourth quarter of fiscal 2012.
  • Income from operations for the quarter increased by 1% to $154.1 million, and as a percentage of net revenue was 29.6% compared to 31.4% of net revenue in the fourth quarter of fiscal 2012.
  • The tax rate for the quarter was 29.5% compared to 29.0% a year ago.
  • Diluted earnings per share for the quarter were $0.75 on net income of $109.7 million, compared to diluted earnings per share of $0.75 on net income of $109.4 million in the fourth quarter of fiscal 2012.

For the fiscal year ended February 2, 2014:
  • Net revenue for the fiscal year increased 16% to $1.6 billion from $1.4 billion in fiscal 2012. Fiscal 2013 consisted of 52 weeks while fiscal 2012 consisted of 53 weeks. Net sales for fiscal 2012 include the additional week; however, comparable stores sales and sales per square foot calculations exclude the 53rd week.
  • Comparable stores sales for fiscal 2013 increased by 4% on a constant dollar basis, resulting in $1,894 annual sales per square foot for comparable stores for fiscal 2013. Total comparable sales, including comparable stores and direct to consumer, increased 9% on a constant dollar basis for fiscal 2013.
  • Direct to consumer revenue increased 33% to $263.1 million, or 16.5% of total Company revenues in fiscal 2013, from 14.4% of total Company revenues in fiscal 2012.
  • Gross profit for fiscal 2013 increased by 10% to $840.1 million, from $762.8 million in fiscal 2012. As a percentage of net revenue, gross profit decreased to 52.8% compared to 55.7% in fiscal 2012.
  • Income from operations increased by 4% to $391.4 million, from $376.4 million in fiscal 2012. As a percentage of net revenue, income from operations decreased to 24.6% compared to 27.5% of net revenue in fiscal 2012.
  • The tax rate for fiscal 2013 was 29.6% compared to 28.8% for fiscal 2012.
  • Diluted earnings per share for fiscal 2013 were $1.91 on net income of $279.5 million, compared to diluted earnings per share of $1.85 on net income of $270.6 million in fiscal 2012.

The Company ended fiscal 2013 with $698.6 million in cash and cash equivalents compared to $590.2 million at the end of fiscal 2012. Inventory at the end of fiscal 2013 was $186.1 million compared to $155.2 million at the end of fiscal 2012. The Company ended the quarter with 254 stores in North America and Australia.

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