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Net income at Lululemon Athletica up marginally in Q2FY16
14
Sep '15
For the second quarter ended August 2, 2015, net income at apparel retailer Lululemon Athletica went up marginally over the same period of previous fiscal.

Diluted earnings per share for the quarter were $0.34 on net income of $47.7 million, compared to diluted earnings per share of $0.33 on net income of $48.7 million in the second quarter of fiscal 2015.

For the three months to August 2, 2015, net revenue soared 16 per cent to $453.0 million from $390.7 million in the prior fiscal's second quarter.

Total comparable sales, which includes comparable store sales and direct to consumer, rose 11 per cent for the reporting quarter on a constant dollar basis

For the quarter under review, comparable store sales increased 6 per cent on a constant dollar basis and direct to consumer revenue drove up 35 per cent on a constant dollar basis.

It added that direct to consumer revenue surged 30 per cent year on year to $82.2 million or 18.2 per cent of total sales in the second quarter of fiscal 2016, up from 16.2 per cent of total revenues over the fiscal ago period.

Gross profit for the quarter increased by 7 per cent year over year to $212.0 million and as a percentage of net revenue gross profit was down to 46.8 per cent compared to 50.5 per cent.

“The effective tax rate for the second quarter of fiscal 2016 stood at 29.3 per cent as against 30.1 per cent in the earlier fiscal's second quarter,” the company informed.

During the reporting period, the company repurchased 1.0 million shares of the company's common stock at an average cost of $63.96 per share.

The company ended the quarter with $541.3 million in cash and cash equivalents compared to $725.1 million, while inventory totaled $280.6 million as against $180.5 million at the end of the second quarter of fiscal 2015.

For the third quarter of fiscal 2016, it expects net revenue to be in the range of $477 million to $482 million based on total comparable sales in the high single digits on a constant dollar basis.

Diluted earnings per share are projected to be in the range of $0.35 to $0.37 for the quarter and this guidance assumes 141.6 million diluted weighted-average shares outstanding and a 30.2 per cent tax rate.

For the full fiscal 2016, it now expects net revenue to be in the range of $2.025 billion to $2.055 billion based on total comparable sales in the high single digits on a constant dollar basis. (AR)

Fibre2Fashion News Desk – India

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