Press release
lululemon athletica inc. Announces Third Quarter Fiscal 2023 Results, Board of Directors Authorizes $1.0 Billion Stock Repurchase Program
Revenue increased 19% to $2.2 billion Comparable sales increased 13%, or increased 14% on a constant dollar basis GAAP EPS of $1.96, Adjusted EPS of $2.53
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nRevenue increased 19% to $2.2 billion\nComparable sales increased 13%, or increased 14% on a constant dollar basis\nGAAP EPS of $1.96, Adjusted EPS of $2.53\n\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2023.\n\n\nCalvin McDonald, Chief Executive Officer, stated: \"This was another strong quarter for lululemon as our innovative product offerings and community activations continued to powerfully resonate with our guests globally. As we enter the holiday season, we are pleased with our early performance and are well-positioned to deliver for our guests in the fourth quarter. I am energized by the significant opportunities ahead, and would like to thank our incredible teams around the world for their continued passion and commitment to our brand.\"\n\n\nThe adjusted non-GAAP financial measures below exclude certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio, and the related income tax effects of these items.\n\n\nFor the third quarter of 2023, compared to the third quarter of 2022:\n\n\n\nNet revenue increased 19% to $2.2 billion.\n\n\nNet revenue increased 12% in North America, and increased 49% internationally.\n\n\n\n\n\n\nTotal comparable sales increased 13%, or 14% on a constant dollar basis.\n\n\nComparable store sales increased 9%.\n\n\n\nDirect to consumer net revenue increased 18%, or 19% on a constant dollar basis.\n\n\n\n\n\n\nDirect to consumer net revenue represented 41% of total net revenue compared to 41% for the third quarter of 2022.\n\n\n\nGross profit increased 21% to $1.3 billion. Adjusted gross profit increased 23% to $1.3 billion.\n\n\n\nGross margin increased 110 basis points to 57.0%. Adjusted gross margin increased 220 basis points to 58.1%.\n\n\n\nIncome from operations decreased 4% to $338.1 million. Adjusted income from operations increased 24% to $436.3 million.\n\n\n\nOperating margin decreased 370 basis points to 15.3%. Adjusted operating margin increased 80 basis points to 19.8%.\n\n\n\nIncome tax expense increased 2% to $99.2 million. The effective tax rate for the third quarter of 2023 was 28.5% compared to 27.6% for the third quarter of 2022. The adjusted effective tax rate was 28.1% for the third quarter of 2023.\n\n\n\...