Press release
lululemon athletica inc. Announces Third Quarter Fiscal 2021 Results
Revenue increased 30% to $1.5 billion Diluted EPS of $1.44, Adjusted EPS of $1.62 VANCOUVER, British Columbia--(BUSINESS WIRE)-- lululemon athletica inc.
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 30% to $1.5 billion\n\nDiluted EPS of $1.44, Adjusted EPS of $1.62\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2021.\n\nCalvin McDonald, Chief Executive Officer, stated: \"Our third quarter results demonstrate the ongoing strength of lululemon and the tremendous growth potential of the business in both the near- and long-term. We are pleased with our early holiday season performance and how the lululemon brand continues to resonate in markets around the world. We are energized by the exciting opportunities ahead, and I'm proud of our teams across the globe for their passion and agility – I want to thank everyone for delivering a strong quarter.\"\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 third quarter of 2021, compared to the third quarter of 2020:\n\n\nNet revenue increased 30% to $1.5 billion. On a constant dollar basis, net revenue increased 28%.\n\n\nNet revenue increased 28% in North America, and increased 40% internationally.\n\n\n\n\nTotal comparable sales increased 27%, or increased 26% on a constant dollar basis.\n\n\nComparable store sales increased 32%, or increased 31% on a constant dollar basis.\n\n\nDirect to consumer net revenue increased 23% to $586.5 million. On a constant dollar basis, direct to consumer net revenue increased 21%.\n\n\n\n\nDirect to consumer net revenue represented 40.4% of total net revenue compared to 42.8% for the third quarter of 2020.\n\n\nGross profit increased 32% to $829.4 million and gross margin increased 110 basis points to 57.2%.\n\n\nIncome from operations increased 26% to $257.9 million. Adjusted income from operations increased 32% to $282.1 million.\n\n\nOperating margin decreased 50 basis points to 17.8%. Adjusted operating margin increased 30 basis points to 19.4%.\n\n\nIncome tax expense increased 16% to $70.2 million. The effective tax rate for the third quarter of 2021 was 27.2% compared to 29.7% for the third quarter of 2020. The adjusted effective tax rate was 25.1% for the third qua...