Press release
lululemon athletica inc. Announces Third Quarter Fiscal 2022 Results
Revenue increased 28% to $1.9 billion Comparable sales increased 22%, or increased 25% on a constant dollar basis Diluted EPS of $2.00 VANCOUVER, British
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 28% to $1.9 billion\nComparable sales increased 22%, or increased 25% on a constant dollar basis\nDiluted EPS of $2.00\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2022.\n\nCalvin McDonald, Chief Executive Officer, stated: \"In the third quarter, we continued to deliver strong and balanced results across the business, demonstrating the significant potential for our brand. Our ongoing momentum is a testament to our innovative products, deep community relationships, and the hard work and dedication of our talented teams around the world. We are pleased with our early holiday season performance and look forward to all that’s ahead for lululemon as we continue to deliver on our Power of Three ×2 growth plan.\"\n\nThe adjusted non-GAAP financial measures below exclude certain costs incurred in connection with the acquisition of MIRROR in fiscal 2021, and the related tax effects.\n\nThe fiscal year ending January 29, 2023 is referred to as \"2022\", the fiscal year ended January 30, 2022 is referred to as \"2021\", and the fiscal year ended February 2, 2020 is referred to as \"2019\".\n\nFor the third quarter of 2022, compared to the third quarter of 2021:\n\n\nNet revenue increased 28% to $1.9 billion, or increased 31% on a constant dollar basis.\n\n\nNet revenue increased 26% in North America, and increased 41% internationally.\n\n\n\n\nTotal comparable sales increased 22%, or 25% on a constant dollar basis.\n\n\nComparable store sales increased 14%, or 17% on a constant dollar basis.\n\n\nDirect to consumer net revenue increased 31%, or 34% on a constant dollar basis.\n\n\n\n\nDirect to consumer net revenue represented 41% of total net revenue compared to 40% for the third quarter of 2021.\n\n\nGross profit increased 25% to $1.0 billion and gross margin decreased 130 basis points to 55.9%.\n\n\nIncome from operations increased 37% to $352.4 million. Adjusted income from operations increased 25%.\n\n\nOperating margin increased 120 basis points to 19.0%. Adjusted operating margin decreased 40 basis points.\n\n\nIncome tax expense increased 39% to $97.3 million. The effective tax rate for the third quarter of 2022 was 27.6% compared to 27.2% for the third quarter of 2021. The adjusted effective tax rate ...