Revenues surge 22% at Lululemon Athletica in Q2 FY'13

12 Sep '13

3 min read

Lululemon Athletica Inc. announced financial results for the second quarter ended August 4, 2013.

For the thirteen weeks ended August 4, 2013:

Net revenue for the quarter increased 22% to $344.5 million from $282.6 million in the second quarter of fiscal 2012. Comparable stores sales for the second quarter increased by 8% on a constant dollar basis.

Direct to consumer revenue increased 39% to $49.4 million, or 14.3% of total Company revenues, in the second quarter of fiscal 2013, an increase from 12.5% of total Company revenues in the second quarter of fiscal 2012.

Gross profit for the quarter increased 19% to $186.0 million, and as a percentage of net revenue gross profit decreased to 54.0% for the quarter from 55.1% in the second quarter of fiscal 2012.

Income from operations for the quarter increased 12.5% to $79.0 million, and as a percentage of net revenue was 22.9% compared to 24.8% of net revenue in the second quarter of fiscal 2012.

The tax rate for the quarter was 29.7% compared to 19.1% a year ago. The effective tax rate for the second quarter of fiscal 2012 reflected an adjustment of $7.2 million, reversing taxes provided for in the fourth quarter of fiscal 2011 through the first quarter of fiscal 2012.

Diluted earnings per share for the quarter were $0.39 on net income of $56.5 million, compared to diluted earnings per share of $0.39 on net income of $57.2 million in the second quarter of fiscal 2012.

For the twenty-six weeks ended August 4, 2013:

Net revenue for the first two quarters of fiscal 2013 increased 22% to $690.3 million from $568.3 million in the same period of fiscal 2012. Comparable stores sales for the first two quarters of fiscal 2013 increased by 8% on a constant dollar basis.

Direct to consumer revenue increased 40% to $103.4 million, or 15.0% of total company revenues, in the first two quarters of fiscal 2013, an increase from 13.0% of total company revenues in the first two quarters of fiscal 2012.

Gross profit for the first two quarters of fiscal 2013 increased 14% to $356.7 million, and as a percentage of net revenue gross profit was 51.7% for the first two quarters as compared to 55.1% in the same period of fiscal 2012.

Income from operations for the first two quarters of fiscal 2013 increased 1% to $144.9 million, and as a percentage of net revenue was 21.0% as compared to 25.2% of net revenue in the same period of fiscal 2012.

The effective tax rate for the first two quarters of fiscal 2013 was 29.7% compared to 28.0% a year ago.

Diluted earnings per share for the first two quarters of fiscal 2013 were $0.71 on net income of $103.7 million, compared to diluted earnings per share of $0.71 on net income of $103.9 million the same period of fiscal 2012.

Lululemon Athletica

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