Press release
lululemon athletica inc. Announces Second Quarter Fiscal 2023 Results
Revenue increased 18% to $2.2 billion Comparable sales increased 11%, or increased 13% on a constant dollar basis Diluted EPS of $2.68 VANCOUVER, British
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 18% to $2.2 billion\nComparable sales increased 11%, or increased 13% on a constant dollar basis\nDiluted EPS of $2.68\n\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the second quarter of fiscal 2023.\n\n\nCalvin McDonald, Chief Executive Officer, stated: \"Our Q2 results highlight the ongoing strength of the business amid a dynamic operating environment. I am proud of how our teams continue to deliver on our vision and offer an exciting pipeline of new products and experiences to our guests around the world. Our continued ability to gain market share and bring new customers into the brand illustrates the significant runway ahead for lululemon.\"\n\n\nThe adjusted non-GAAP financial measures below exclude the gain on the sale of an administrative office building in 2022 and the related tax effects.\n\n\nFor the second quarter of 2023, compared to the second quarter of 2022:\n\n\n\nNet revenue increased 18% to $2.2 billion, or increased 20% on a constant dollar basis.\n\n\nNet revenue increased 11% in North America, and increased 52% internationally.\n\n\n\n\n\n\nTotal comparable sales increased 11%, or 13% on a constant dollar basis.\n\n\nComparable store sales increased 7%, or 9% on a constant dollar basis.\n\n\n\nDirect to consumer net revenue increased 15%, or 17% on a constant dollar basis.\n\n\n\n\n\n\nDirect to consumer net revenue represented 40% of total net revenue compared to 42% for the second quarter of 2022.\n\n\n\nGross profit increased 23% to $1.3 billion and gross margin increased 230 basis points to 58.8%.\n\n\n\nIncome from operations increased 19% to $479.3 million. Adjusted income from operations increased 23%.\n\n\n\nOperating margin increased 20 basis points to 21.7%. Adjusted operating margin increased 80 basis points.\n\n\n\nIncome tax expense increased 30% to $145.0 million. The effective tax rate for the second quarter of 2023 was 29.8% compared to 27.9% for the second quarter of 2022. The adjusted effective tax rate was 28.2% for the second quarter of 2022.\n\n\n\nDiluted earnings per share were $2.68 compared to $2.26 in the second quarter of 2022. Adjusted diluted earnings per share were $2.20 in the second quarter of 2022.\n\n\n\nThe Company repurchased 0.5 million shares of its own common stock a...