Press release
lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2021 Results; Board of Directors Authorizes $1.0 Billion Stock Repurchase Program
Fourth quarter revenue increased 23% to $2.1 billion Comparable sales increased 22% Diluted EPS of $3.36, Adjusted EPS of $3.37 VANCOUVER, British
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nFourth quarter revenue increased 23% to $2.1 billion\nComparable sales increased 22%\nDiluted EPS of $3.36, Adjusted EPS of $3.37\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 30, 2022.\n\nCalvin McDonald, Chief Executive Officer, stated: \"2021 was another successful year for lululemon, which speaks to the enduring strength of our brand and our ability to deliver sustained growth across the business. We are proud that we passed the $6 billion in annual revenue milestone for the first time, and successfully achieved our Power of Three growth target ahead of schedule. This was especially impressive given the challenging macro backdrop. We are entering the new year from a position of strength, which we’ll build upon to continue delivering for our guests and shareholders in the years to come.\"\n\nWe refer to the fiscal year ended January 30, 2022 as \"2021\", 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 2021, compared to the fourth quarter of 2020:\n\n\nNet revenue increased 23% to $2.1 billion. On a constant dollar basis, net revenue increased 23%.\n\n\nNet revenue increased 21% in North America and increased 35% internationally.\n\n\n\n\nTotal comparable sales increased 22%.\n\n\nComparable store sales increased 32%.\n\n\nDirect to consumer net revenue increased 17%, or increased 16% on a constant dollar basis.\n\n\n\n\nDirect to consumer net revenue represented 49% of total net revenue compared to 52% for the fourth quarter of 2020.\n\n\nGross profit increased 22% to $1.2 billion, and gross margin decreased 50 basis points to 58.1%.\n\n\nIncome from operations increased 29% to $590.6 million. Adjusted income from operations increased 27% to $592.0 million.\n\n\nOperating margin increased 120 basis points to 27.7%. Adjusted operating margin increased 90 basis points to 27.8%.\n\n\nIncome tax expense increased 23% to $156.2 million. The effective tax rate for the fourth quarter of 2021 was 26.4% compared to 27.8% for the fourth quarter of 2020. The adjusted effe...