Canada : Revenue zooms 53% at lululemon in Q1 FY'12

InquiryNow

Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at mi@fibre2fashion.com in case you need any other additional information.

Name

Company

Phone Number

Country

Comments

Advanced Search

Experience Apparel and Textile Innovations, Solutions and Creations. Learn more! | Ad

Home / Knowledge / News / Apparel/Garments / Revenue zooms 53% at lululemon in Q1 FY'12

Revenue zooms 53% at lululemon in Q1 FY'12

07
Jun '12

lululemon athletica inc. announced financial results for the first quarter ended April 29, 2012.

For the thirteen weeks ended April 29, 2012:
• Net revenue for the quarter increased 53% to $285.7 million from $186.8 million in the first quarter of fiscal 2011.
• Comparable stores sales for the first quarter increased by 25% on a constant dollar basis.
• Direct to consumer revenue increased 179% to $38.4 million, or 13.5% of total Company revenues, in the first quarter of fiscal 2012, an increase from 7.4% of total Company revenues in the first quarter of fiscal 2011.
• Gross profit for the quarter increased 43% to $157.3 million, and as a percentage of net revenue gross profit decreased to 55.0% for the quarter from 58.7% in the first quarter of fiscal 2011.
• Income from operations for the quarter increased 41% to $73.1 million, and as a percentage of net revenue was 25.6% compared to 27.7% of net revenue in the first quarter of fiscal 2011.
• The tax rate for the quarter was 36.5% compared to 36.3% a year ago.
• Diluted earnings per share for the quarter were $0.32 on net income of $46.6 million, compared to diluted earnings per share of $0.23 on net income of $33.4 million in the first quarter of fiscal 2011.

The Company ended the first quarter of fiscal 2012 with $424.3 million in cash and cash equivalents compared to $260.9 million at the end of the first quarter of fiscal 2011.

Inventory at the end of the first quarter of fiscal 2012 totaled $107.7 million compared to $64.4 million at the end of the first quarter of fiscal 2011. The Company ended the quarter with 180 stores in North America, Australia and New Zealand.

Christine Day, lululemon's CEO stated: “Our strategy to increase inventory levels led to strong revenue growth and earnings performance in the first quarter as our guests responded well to our spring styles and colors.”

Updated Outlook
For the second quarter of fiscal 2012, we expect net revenue to be in the range of $273 million to $278 million based on a comparable-store sales percentage increase in the low double digits on a constant-dollar basis.

Diluted earnings per share are expected to be in the range of $0.28 to $0.30 for the quarter. This assumes 145.7 million diluted weighted-average shares outstanding and a 36.5% tax rate.

For the full fiscal 2012, we now expect net revenue to be in the range of $1,320 million to $1,340 million and diluted earnings per share are expected to be in the range of $1.55 to $1.60 for the full year. This assumes 146.0 million diluted weighted-average shares outstanding and a tax rate of 36.5%.

lululemon athletica is a yoga-inspired athletic apparel company that creates components for people to live a long, healthy and fun life.

lululemon athletica inc

More Lululemon Corp News... More Apparel/Garments News - Canada...