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lululemon sees strong sales productivity during Q2

13 Sep '11
5 min read

lululemon athletica inc. announced financial results for the second quarter ended July 31, 2011.

For the thirteen weeks ended July 31, 2011:
• Net revenue for the quarter increased 39% to $212.3 million from $152.2 million in the second quarter of fiscal 2010.
• Comparable stores sales for the second quarter increased by 20% on a constant dollar basis.
• Direct to consumer revenue increased 93% to $18.6 million, or 8.8% of total Company revenues, in the second quarter of fiscal 2011, an increase from 6.3% of total Company revenues in the second quarter of fiscal 2010.
• Gross profit for the quarter increased 52% to $122.1 million, and as a percentage of net revenue gross profit increased to 57.5% for the quarter from 52.8% in the second quarter of fiscal 2010.
• Income from operations for the quarter increased 74% to $59.5 million, and as a percentage of net revenue was 28.0% compared to 22.5% of net revenue in the second quarter of fiscal 2010.
• The tax rate for the quarter was 35.7% compared to 40.3% a year ago. The decrease resulted from a revision to management's plans for repatriation of unremitted earnings of the Canadian operating subsidiary.
• Presented on a post-split basis, diluted earnings per share for the quarter were $0.26 on net income of $38.4 million, compared to diluted earnings per share of $0.15 on net income of $21.8 million in the second quarter of fiscal 2010.

For the twenty-six weeks ended July 31, 2011:
• Net revenue for the first two quarters increased 37% to $399.1 million from $290.5 million in the same period of fiscal 2010.
• Comparable stores sales for the first two quarters increased by 18% on a constant dollar basis.
• Direct to consumer revenue increased 72% to $32.4 million, or 8.1% of total Company revenues, in the first two quarters of fiscal 2011, an increase from 6.5% of total Company revenues in the first two quarters of fiscal 2010.
• Gross profit for the quarter increased 50% to $231.8 million, and as a percentage of net revenue gross profit increased to 58.1% for the first two quarters from 53.2% in the same period of fiscal 2010. The increase included 140 basis points from the non-recurring adjustment for the recognition of input tax credits in the first quarter of fiscal 2011.
• Income from operations for the first two quarters increased 67% to $111.2 million, and as a percentage of net revenue was 27.9% compared to 23.0% of net revenue in the same period of fiscal 2010.
• The tax rate for the first two quarters was 36.0% compared to 40.1% a year ago. The decrease resulted from a revision to management's plans for repatriation of unremitted earnings of the Canadian operating subsidiary.
• Presented on a post-split basis, diluted earnings per share for the first two quarters were $0.49 on net income of $71.8 million, compared to diluted earnings per share of $0.29 on net income of $41.4 million in the same period offiscal 2010. The increase included $0.02 in diluted earnings per share from the non-recurring adjustment for the recognition of input tax credits in the first quarter of fiscal 2011.

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