Press release
lululemon athletica inc. Announces Second Quarter Fiscal 2024 Results
Revenue increased 7% to $2.4 billion Comparable sales increased 2%, or 3% on a constant dollar basis Diluted EPS of $3.15 VANCOUVER, British
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 7% to $2.4 billion\n\n\nComparable sales increased 2%, or 3% on a constant dollar basis\n\n\nDiluted EPS of $3.15\n\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the second quarter of fiscal 2024, which ended on July 28, 2024.\n\n\nCalvin McDonald, Chief Executive Officer, stated: \"In the second quarter, lululemon delivered revenue and earnings growth, with ongoing strength across our international business. In the U.S., our teams continue to optimize our product assortment and remain focused on driving forward our opportunities in the market. Looking ahead, we feel confident in the long runway in front of us as we execute on our Power of Three ×2 growth plan.\"\n\n\nFor the second quarter of 2024, compared to the second quarter of 2023:\n\n\n\nNet revenue increased 7% to $2.4 billion, or increased 8% on a constant dollar basis.\n\n\nAmericas net revenue increased 1%, or 2% on a constant dollar basis.\n\n\n\nInternational net revenue increased 29%, or 31% on a constant dollar basis.\n\n\n\n\n\n\nComparable sales increased 2%, or 3% on a constant dollar basis.\n\n\nAmericas comparable sales decreased 3%, or 2% on a constant dollar basis.\n\n\n\nInternational comparable sales increased 19%, or 22% on a constant dollar basis.\n\n\n\n\n\n\nGross profit increased 9% to $1.4 billion.\n\n\n\nGross margin increased 80 basis points to 59.6%.\n\n\n\nIncome from operations increased 13% to $540.2 million.\n\n\n\nOperating margin increased 110 basis points to 22.8%.\n\n\n\nThe effective income tax rate for the second quarter of 2024 was 29.6% compared to 29.8% for the second quarter of 2023.\n\n\n\nDiluted earnings per share were $3.15 compared to $2.68 in the second quarter of 2023.\n\n\n\nThe Company repurchased 1.9 million of its shares for a cost of $583.7 million.\n\n\n\nThe Company opened 10 net new company-operated stores during the second quarter, ending with 721 stores.\n\n\n\nMeghan Frank, Chief Financial Officer, stated: \"Earnings per share exceeded our expectations in the second quarter, driven by better-than-expected gross margin expansion and disciplined execution. As we enter the back half of the year, we remain focused on executing on our near-term priorities, while strategically investing for long-term growth. I would li...