Press release
lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2023 Results
Fourth quarter revenue increased 16% to $3.2 billion. Diluted EPS of $5.29 Full year revenue increased 19% to $9.6 billion. Diluted EPS of $12.20, adjusted
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nFourth quarter revenue increased 16% to $3.2 billion. Diluted EPS of $5.29\n\n\nFull year revenue increased 19% to $9.6 billion. Diluted EPS of $12.20, adjusted EPS of $12.77\n\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 28, 2024.\n\n\nCalvin McDonald, Chief Executive Officer, stated: \"We are pleased with the strong finish to our 2023 fiscal year and continue to be ahead of our Power of Three ×2 strategy. During the fourth quarter, we saw continued momentum across our channels, geographies, and merchandise categories, driven by our teams around the world. As we step into 2024, we are focused on the significant opportunities ahead for lululemon as we navigate the dynamic retail environment and deliver for guests through innovative new products and brand activations.\"\n\n\nThe adjusted non-GAAP financial measures below exclude certain inventory provisions, goodwill and other asset impairments, and restructuring costs recognized in relation to lululemon Studio, the gain on the sale of an administrative office building, and the related tax effects of these items.\n\n\nFor the fourth quarter of 2023, compared to the fourth quarter of 2022:\n\n\n\nNet revenue increased 16% to $3.2 billion.\n\n\nAmericas net revenue increased 9%.\n\n\n\nInternational net revenue increased 54%, or 56% on a constant dollar basis.\n\n\n\n\n\n\nComparable sales increased 12%.\n\n\nAmericas comparable sales increased 7%.\n\n\n\nInternational comparable sales increased 43%, or 44% on a constant dollar basis.\n\n\n\n\n\n\nGross profit increased 25% to $1.9 billion. Adjusted gross profit increased 20% to $1.9 billion.\n\n\n\nGross margin increased 430 basis points to 59.4%. Adjusted gross margin increased 200 basis points to 59.4%.\n\n\n\nIncome from operations increased 191% to $913.9 million. Adjusted income from operations increased 16%.\n\n\n\nOperating margin increased to 28.5% from 11.3% in the fourth quarter of 2022. Adjusted operating margin increased 20 basis points to 28.5%.\n\n\n\nThe effective income tax rate for the fourth quarter of 2023 was 28.1% compared to 62.3% for the fourth quarter of 2022. The adjusted effective tax rate was 28.7% for the fourth quarter of 2022.\n\n\n\nDiluted earnings per share were $5....