Press release
lululemon athletica inc. Announces Third Quarter Fiscal 2024 Results
Board of Directors Authorizes $1.0 Billion Increase in Its Stock Repurchase Program Revenue increased 9% to $2.4 billion Comparable sales increased 4%, or 3%
About this update from Lululemon Athletica Inc.
[{"type":"text","content":"\nBoard of Directors Authorizes $1.0 Billion Increase in Its Stock Repurchase Program\n\n\nRevenue increased 9% to $2.4 billion\n\n\nComparable sales increased 4%, or 3% on a constant dollar basis\n\n\nDiluted EPS of $2.87\n\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2024, which ended on October 27, 2024.\n\n\nCalvin McDonald, Chief Executive Officer, stated: \"Our performance in the third quarter shows the enduring strength of lululemon globally, as we saw continued momentum across our international markets and in Canada. Looking to the future, we are pleased with the start to our holiday season, and we remain focused on accelerating our U.S. business and growing our brand awareness around the world. Thank you to our dedicated teams for continuing to deliver for our guests and stakeholders.\"\n\n\nThe adjusted non-GAAP financial measures below exclude asset impairment and other charges recognized in relation to lululemon Studio during the third quarter of 2023, and the related income tax effects of these items.\n\n\nFor the third quarter of 2024, compared to the third quarter of 2023:\n\n\n\nNet revenue increased 9% to $2.4 billion, or increased 8% on a constant dollar basis.\n\n\nAmericas net revenue increased 2%.\n\n\n\nInternational net revenue increased 33%, or 30% on a constant dollar basis.\n\n\n\n\n\n\nComparable sales increased 4%, or 3% on a constant dollar basis.\n\n\nAmericas comparable sales decreased 2%.\n\n\n\nInternational comparable sales increased 25%, or 22% on a constant dollar basis.\n\n\n\n\n\n\nGross profit increased 12% to $1.4 billion. Adjusted gross profit increased 9%.\n\n\n\nGross margin increased 150 basis points to 58.5%. Adjusted gross margin increased 40 basis points.\n\n\n\nIncome from operations increased 45% to $490.7 million. Adjusted income from operations increased 12%.\n\n\n\nOperating margin increased 520 basis points to 20.5%. Adjusted operating margin increased 70 basis points.\n\n\n\nThe effective income tax rate for the third quarter of 2024 was 30.2% compared to 28.5% for the third quarter of 2023. The adjusted effective tax rate was 28.1% for the third quarter of 2023.\n\n\n\nDiluted earnings per share were $2.87 compared to $1.96 in the third quarter of 2023. Adjusted di...