Business
lululemon athletica inc. Announces Second Quarter Fiscal 2007 Results
lululemon athletica inc. Announces Second Quarter Fiscal 2007 Results.
About this update from Lanebury Growth Capital Ltd.
[{"type":"text","content":"\n\n\n\nSecond Quarter Net Revenue Increases 80% to $58.7 million\n\n\nOperating Income Increases 202% to $9.8 million\n\n\nVANCOUVER, CANADA, September 10 /CNW/ - lululemon athletica inc. (NASDAQ:\nLULU; TSX: LLL) today announced financial results for the three and six months\nended July 31, 2007.\n\n\nFor the three months ended July 31, 2007:\n\n\n-- Net revenue increased 80% to $58.7 million compared to $32.5 million\nfor the second quarter of fiscal 2006. Net revenue from corporate-owned stores\nincreased 98% to $53.1 million compared to $26.8 million for the second\nquarter of fiscal 2006, with comparable store sales growth of 30%.\n\n\n-- Gross profit as a percentage of net revenue increased 430 basis\npoints to approximately 53% of net revenue from 49% of net revenue in the\nsecond quarter of fiscal 2006.\n\n\n-- Income from operations increased 202% to $9.8 million, or 17% of\nrevenues, compared to $3.2 million, or 10% of revenues, in the second quarter\nof fiscal 2006.\n\n\n-- Diluted earnings per share were $0.07 on net income of $5.1 million,\ncompared to diluted earnings per share of $0.03 on net income of $1.9 million\nin the second quarter of fiscal 2006.\n\n\nFor the six months ended July 31, 2007:\n\n\n-- Net revenue increased 70% to $103.5 million compared to $60.7 million\nfor the same period in fiscal 2006. Net revenue from corporate-owned stores\nincreased 86% to $91.1 million compared to $49.0 million for the same period\nin fiscal 2006, with comparable store sales growth of 25%.\n\n\n-- Gross profit as a percentage of net revenue increased 210 basis\npoints to approximately 52% of revenues from 50% of net revenue in the first\nsix months of fiscal 2006.\n\n\n-- Income from operations increased 78% to $16.6 million, or 16% of\nrevenues, compared to $9.4 million, or 15% of revenues, in the first six\nmonths of fiscal 2006.\n\n\n-- Diluted earnings per share were $0.12 on net income of $8.7 million,\ncompared to diluted earnings per share of $0.07 on net income of $5.1 million,\nfor the same period in fiscal 2006.\n\n\nRobert Meers, lululemon's CEO stated: "We are pleased to report strong\nresults in our initial quarter as a public company. Our team has built on the\nsuccess of our unique winning formula - vertically retailing technical apparel\nfor men and women - in a rapidly growing global market for h...