Press release
lululemon athletica inc. Announces Second Quarter Fiscal 2021 Results
Revenue increased 61% to $1.5 billion Diluted EPS of $1.59, Adjusted EPS of $1.65 VANCOUVER, British Columbia--(BUSINESS WIRE)-- lululemon athletica inc.
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 61% to $1.5 billion\n\nDiluted EPS of $1.59, Adjusted EPS of $1.65\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the second quarter of fiscal 2021.\n\nCalvin McDonald, Chief Executive Officer, stated: \"Our second quarter results demonstrate the continued momentum across the business, and how we are living into our Power of Three growth plan and Impact Agenda commitments. We launched exciting new products, experienced strength across channels and geographies, and announced new partnerships that will allow us to become a leader in product sustainability.\" McDonald continued: \"I'm inspired every day by our teams around the world for their continued enthusiasm, agility, and commitment to the brand.\"\n\nThe fiscal year ending January 30, 2022 is referred to as \"2021\" and the fiscal year ended January 31, 2021 is referred to as \"2020\". 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 second quarter of 2021, compared to the second quarter of 2020:\n\n\nNet revenue increased 61% to $1.5 billion. On a constant dollar basis, net revenue increased 56%.\n\n\nCompany-operated stores net revenue increased 142% to $695.1 million.\n\n\nDirect to consumer net revenue increased 8% to $597.4 million. On a constant dollar basis, direct to consumer net revenue increased 4%.\n\n\nNet revenue increased 63% in North America, and increased 49% internationally.\n\n\n\n\nDirect to consumer net revenue represented 41.2% of total net revenue compared to 61.4% for the second quarter of 2020.\n\n\nGross profit increased 72% to $842.7 million and gross margin increased 390 basis points to 58.1%.\n\n\nIncome from operations increased 134% to $291.0 million. Adjusted income from operations increased 120% to $299.2 million.\n\n\nOperating margin increased 630 basis points to 20.1%. Adjusted operating margin increased 560 basis points to 20.6%.\n\n\nIncome tax expense increased 123% to $83.1 million. The effective tax rate for the second quarter of 2021 was 28.5% compared to 30.0% for the second quarter of 2020. The adjusted effective tax rate was 27.9% for the second quarter of 2021 compared to 28.9% for the second quarter of 2020.\n\n\nDilu...