Press release
lululemon athletica inc. Announces First Quarter Fiscal 2021 Results
Revenue increased 88% to $1.2 billion Diluted EPS of $1.11, Adjusted EPS of $1.16 VANCOUVER, British Columbia--(BUSINESS WIRE)-- lululemon athletica inc.
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 88% to $1.2 billion\nDiluted EPS of $1.11, Adjusted EPS of $1.16\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the first quarter of fiscal 2021.\n\nCalvin McDonald, Chief Executive Officer, stated: \"Our first quarter results reflected strength across all drivers of growth, fueled by the continued expansion in our e-commerce business and a rebound in brick and mortar stores. Our strong performance across categories, channels and geographies demonstrates the momentum and strength of lululemon as we shift into the new normal. All of us on the leadership team are grateful to our teams around the world who enabled these results, and who continue to focus on realizing growth.\"\n\nThe fiscal year ending January 30, 2022 is referred to as \"2021\" and the fiscal year ended January 31, 2021 is referred to as \"2020\". The adjusted non-GAAP financial measures below exclude certain costs incurred in connection with the acquisition of MIRROR, and the related tax effects.\n\nFor the first quarter of 2021, compared to the first quarter of 2020:\n\n\nNet revenue increased 88% to $1.2 billion. On a constant dollar basis, net revenue increased 83%.\n\n\nCompany-operated stores net revenue increased 106% to $536.6 million.\n\n\nDirect to consumer net revenue increased 55% to $545.1 million. On a constant dollar basis, direct to consumer net revenue increased 50%.\n\n\nNet revenue increased 82% in North America, and increased 125% internationally.\n\n\n\n\nDirect to consumer net revenue represented 44.4% of total net revenue compared to 54.0% for the first quarter of 2020.\n\n\nGross profit increased 109% to $700.3 million and gross margin increased 580 basis points to 57.1%.\n\n\nIncome from operations increased 492% to $193.8 million. Adjusted income from operations increased 479% to $201.5 million.\n\n\nOperating margin increased 1,080 basis points to 15.8%. Adjusted operating margin increased 1,110 basis points to 16.4%.\n\n\nIncome tax expense increased 827% to $49.1 million. The effective tax rate for the first quarter of 2021 was 25.3% compared to 15.6% for the first quarter of 2020. The adjusted effective tax rate was 24.5% for the first quarter of 2021 compared to 14.7% for the first quarter of 2020.\n\n\nDiluted earnings per share wer...