Press release
lululemon athletica inc. Announces First Quarter Fiscal 2023 Results
Revenue increased 24% to $2.0 billion Comparable sales increased 14%, or increased 17% on a constant dollar basis Diluted EPS of $2.28 VANCOUVER, British
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 24% to $2.0 billion\n\n\nComparable sales increased 14%, or increased 17% on a constant dollar basis\n\n\nDiluted EPS of $2.28\n\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the first quarter of fiscal 2023.\n\n\nCalvin McDonald, Chief Executive Officer, stated: \"We are pleased with our solid start to the year, delivering strong financial performance and continued momentum. Our results reflect the strength of our guest relationships, our innovative products and how our brand resonates across the globe. This year we celebrate our 25th anniversary, and our community-based model remains one of our biggest competitive advantages. We are excited for the future and remain on track to deliver on our Power of Three ×2 growth plan.\"\n\n\nFor the first quarter of 2023, compared to the first quarter of 2022:\n\n\n\nNet revenue increased 24% to $2.0 billion, or increased 27% on a constant dollar basis.\n\n\nNet revenue increased 17% in North America, and increased 60% internationally.\n\n\n\n\n\n\nTotal comparable sales increased 14%, or 17% on a constant dollar basis.\n\n\nComparable store sales increased 13%, or 16% on a constant dollar basis.\n\n\n\nDirect to consumer net revenue increased 16%, or 18% on a constant dollar basis.\n\n\n\n\n\n\nDirect to consumer net revenue represented 42% of total net revenue compared to 45% for the first quarter of 2022.\n\n\n\nGross profit increased 32% to $1.2 billion and gross margin increased 360 basis points to 57.5%.\n\n\n\nIncome from operations increased 54% to $401.4 million.\n\n\n\nOperating margin increased 400 basis points to 20.1%.\n\n\n\nIncome tax expense increased 69% to $119.0 million. The effective tax rate for the first quarter of 2023 was 29.1% compared to 27.0% for the first quarter of 2022.\n\n\n\nDiluted earnings per share were $2.28 compared to $1.48 in the first quarter of 2022.\n\n\n\nThe Company repurchased 0.3 million shares of its own common stock at an average price of $336.37 per share for a cost of $98.1 million.\n\n\n\nThe Company opened seven net new company-operated stores during the first quarter, ending with 662 stores.\n\n\n\nMeghan Frank, Chief Financial Officer, stated: \"Our Q1 results were strong as guests responded well to our product offering in all our mar...