Press release
lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2022 Results
Fourth quarter revenue increased 30% to $2.8 billion. GAAP EPS of $0.94, adjusted EPS of $4.40 Full year revenue increased 30% to $8.1 billion. GAAP EPS of
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nFourth quarter revenue increased 30% to $2.8 billion. GAAP EPS of $0.94, adjusted EPS of $4.40\n\nFull year revenue increased 30% to $8.1 billion. GAAP EPS of $6.68, adjusted EPS of $10.07\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 29, 2023.\n\nCalvin McDonald, Chief Executive Officer, stated: \"In the fourth quarter and full year 2022, we delivered strong results across the business driven by our innovative products, powerful guest experiences, and strategic market expansion. Our continued high level of performance is a reflection of the hard work and agility of our incredible teams and the deep connections they create with our guests and communities around the world. As we enter 2023, we look forward to another year of strong momentum across the globe and delivering on our Power of Three ×2 growth plan.\"\n\nThe adjusted non-GAAP financial measures below exclude impairment and other charges related to MIRROR, acquisition related costs, the gain on the sale of an administrative office building, and the related tax effects.\n\nFor the fourth quarter of 2022, compared to the fourth quarter of 2021:\n\n\nNet revenue increased 30% to $2.8 billion, or increased 33% on a constant dollar basis.\n\n\nNet revenue increased 29% in North America and increased 35% internationally.\n\n\n\n\nTotal comparable sales increased 27%, or 30% on a constant dollar basis.\n\n\nComparable store sales increased 15%, or 17% on a constant dollar basis.\n\n\nDirect to consumer net revenue increased 37%, or 39% on a constant dollar basis.\n\n\n\n\nDirect to consumer net revenue represented 52% of total net revenue compared to 49% for the fourth quarter of 2021.\n\n\nGross margin decreased 300 basis points to 55.1%. Adjusted gross margin decreased 70 basis points to 57.4%.\n\n\nIncome from operations decreased 47% to $314.4 million. Adjusted income from operations increased 33% to $785.3 million.\n\n\nOperating margin decreased to 11.3% from 27.7% in the fourth quarter of 2021. Adjusted operating margin increased 50 basis points to 28.3%.\n\n\nThe effective income tax rate for the fourth quarter of 2022 was 62.3% compared to 26.4% for the fourth quarter of 2021. The adjusted effective tax rate was 28.7% for the fourth quar...