lululemon athletic Q1 FY'13 sales surge 21%

- Net revenue for the quarter increased 21% to $345.8 million from $285.7 million in the first quarter of fiscal 2012.

- Comparable stores sales for the first quarter increased by 7% on a constant dollar basis.

- Direct to consumer revenue increased 40% to $54.0 million, or 15.6% of total Company revenues, in the first quarter of fiscal 2013, an increase from 13.5% of total Company revenues in the first quarter of fiscal 2012.

- Gross profit for the quarter increased 9% to $170.7 million, including a provision of $17.5 million for inventories charged to cost of sales related to the pull-back of black luon pants, and as a percentage of net revenue gross profit decreased to 49.4% for the quarter from 55.0% in the first quarter of fiscal 2012.

- Income from operations for the quarter decreased 10% to $65.9 million, and as a percentage of net revenue was 19.1% compared to 25.6% of net revenue in the first quarter of fiscal 2012.

- The tax rate for the quarter was 29.8% compared to 36.5% a year ago. The lower effective rate reflects the ongoing impact of revised intercompany pricing agreements.

- Diluted earnings per share for the quarter were $0.32 on net income of $47.3 million, compared to diluted earnings per share of $0.32 on net income of $46.6 million in the first quarter of fiscal 2012.

The Company ended the first quarter of fiscal 2013 with $588.4 million in cash and cash equivalents compared to $424.3 million at the end of the first quarter of fiscal 2012. Inventory at the end of the first quarter of fiscal 2013 totaled $143.7 million compared to $107.7 million at the end of the first quarter of fiscal 2012. The Company ended the quarter with 218 stores in North America and Australia.

lululemon athletica