Press release
lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2020 Results
Fourth quarter revenue increased 24% to $1.7 billion Comparable sales increased 21%, or 20% on a constant dollar basis Diluted EPS of $2.52, Adjusted EPS of
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nFourth quarter revenue increased 24% to $1.7 billion\nComparable sales increased 21%, or 20% on a constant dollar basis\nDiluted EPS of $2.52, Adjusted EPS of $2.58\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the fourth quarter and fiscal year ended January 31, 2021.\n\nCalvin McDonald, Chief Executive Officer, stated: \"I'm proud of how we navigated this past year and delivered for our employees, guests and shareholders. Our continued growth demonstrates the strength of lululemon -- before, during and as the pandemic subsides. We are still in the early innings of our growth, fueled by exciting innovations that create even more opportunity into the future. All of us on the leadership team have so much gratitude for our teams and their agility during these unprecedented times.\"\n\nWe refer to the fiscal year ended January 31, 2021 as \"2020\" and the fiscal year ended February 2, 2020 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 fourth quarter of 2020, compared to the fourth quarter of 2019:\n\n\nNet revenue increased 24% to $1.7 billion. On a constant dollar basis, net revenue increased 22%.\n\n\nNet revenue increased 21% in North America and increased 47% internationally.\n\n\n\n\nTotal comparable sales increased 21%, or increased 20% on a constant dollar basis.\n\n\nDirect to consumer net revenue increased 94%, or increased 92% on a constant dollar basis.\n\n\nComparable store productivity was 72%, or 71% on a constant dollar basis, representing a comparable store sales decrease of 28%, or a decrease of 29% on a constant dollar basis.\n\n\n\n\nDirect to consumer net revenue represented 52% of total net revenue compared to 33% for the fourth quarter of 2019.\n\n\nGross profit increased 25% to $1.0 billion, and gross margin increased 60 basis points to 58.6%.\n\n\nIncome from operations increased 10% to $457.9 million. Adjusted income from operations increased 12% to $465.7 million.\n\n\nOperating margin decreased 330 basis points to 26.5%. Adjusted operating margin decreased 290 basis points to 26.9%.\n\n\nIncome tax expense increased 5% to $127.2 million. The effective tax rate for the fourth quarter of 2020 wa...