Press release
lululemon athletica inc. Announces First Quarter Fiscal 2022 Results
Revenue increased 32% to $1.6 billion Comparable sales increased 28%, or increased 29% on a constant dollar basis Diluted EPS of $1.48 VANCOUVER, British
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 32% to $1.6 billion\n\nComparable sales increased 28%, or increased 29% on a constant dollar basis\n\nDiluted EPS of $1.48\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the first quarter of fiscal 2022.\n\nCalvin McDonald, Chief Executive Officer, stated: \"In the first quarter of 2022, continued momentum in the business enabled us to achieve a strong start to the year. These results provide a solid foundation as we begin our next five-year journey and deliver against our new Power of Three ×2 growth plan. I want to thank our teams around the world for remaining agile and continuing to execute at a high level to achieve our goals, while successfully navigating the challenges within the macro environment. We look forward to all that lies ahead for lululemon as we continue to grow the brand.\"\n\nThe fiscal year ending January 29, 2023 is referred to as \"2022\", the fiscal year ended January 30, 2022 is referred to as \"2021\", and the fiscal year ended February 2, 2020 is referred to as \"2019\". 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 2022, compared to the first quarter of 2021:\n\n\nNet revenue increased 32% to $1.6 billion.\n\n\nNet revenue increased 32% in North America, and increased 29% internationally.\n\n\n\n\nTotal comparable sales increased 28%, or 29% on a constant dollar basis.\n\n\nComparable store sales increased 24%.\n\n\nDirect to consumer net revenue increased 32%, or 33% on a constant dollar basis.\n\n\n\n\nDirect to consumer net revenue represented 45% of total net revenue compared to 44% for the first quarter of 2021.\n\n\nGross profit increased 24% to $870.4 million and gross margin decreased 320 basis points to 53.9%.\n\n\nIncome from operations increased 34% to $260.3 million. Adjusted income from operations increased 29%.\n\n\nOperating margin increased 30 basis points to 16.1%. Adjusted operating margin decreased 30 basis points.\n\n\nIncome tax expense increased 43% to $70.3 million. The effective tax rate for the first quarter of 2022 was 27.0% compared to 25.3% for the first quarter of 2021. The adjusted effective tax rate was 24.5% for the first quarter of 2021...