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Sales surge 20% at lululemon athletic in Q3 FY’14

December 12, 2013 (Canada)

lululemon athletica inc announced financial results for the third quarter ended November 3, 2013. 
 
For the thirteen weeks ended November 3, 2013: 
Net revenue for the quarter increased 20% to $379.9 million from $316.5 million in the third quarter of fiscal 2012. Comparable stores sales for the third quarter increased by 5% on a constant dollar basis. 
 
Direct to consumer revenue increased 37% to $62.0 million, or 16.3% of total Company revenues, in the third quarter of fiscal 2013, an increase from 14.3% of total Company revenues in the third quarter of fiscal 2012. 
 
Gross profit for the quarter increased 17% to $204.6 million, and as a percentage of net revenue gross profit decreased to 53.9% for the quarter from 55.4% in the third quarter of fiscal 2012. 
 
Income from operations for the quarter increased 14.6% to $92.3 million, and as a percentage of net revenue was 24.3% compared to 25.5% of net revenue in the third quarter of fiscal 2012. 
 
The tax rate for the quarter was 29.5% compared to 30.1% a year ago. Diluted earnings per share for the quarter were $0.45 on net income of $66.1 million, compared to diluted earnings per share of $0.39 on net income of $57.3 million in the third quarter of fiscal 2012. 
 
For the thirty-nine weeks ended November 3, 2013: 
Net revenue for the first three quarters of fiscal 2013 increased 21% to $1,070.2 million from $884.9 million in the same period of fiscal 2012. Comparable stores sales for the first three quarters of fiscal 2013 increased by 7% on a constant dollar basis. 
 
Direct to consumer revenue increased 39% to $165.3 million, or 15.5% of total company revenues, in the first three quarters of fiscal 2013, an increase from 13.4% of total company revenues in the first three quarters of fiscal 2012. 
 
Gross profit for the first three quarters of fiscal 2013 increased 15% to $561.3 million, and as a percentage of net revenue gross profit was 52.4% for the first three quarters as compared to 55.2% in the same period of fiscal 2012. 
 
Income from operations for the first three quarters of fiscal 2013 increased 6% to $237.2 million, and as a percentage of net revenue was 22.2% as compared to 25.3% of net revenue in the same period of fiscal 2012. 
 
The effective tax rate for the first three quarters of fiscal 2013 was 29.7% compared to 28.7% a year ago. Diluted earnings per share for the first three quarters of fiscal 2013 were $1.16 on net income of $169.9 million, compared to diluted earnings per share of $1.11 on net income of $161.2 million the same period of fiscal 2012. 
 
The Company ended the third quarter of fiscal 2013 with $600.7 million in cash and cash equivalents compared to $439.4 million at the end of the third quarter of fiscal 2012. Inventory at the end of the third quarter of fiscal 2013 totaled $206.2 million compared to $164.7 million at the end of the third quarter of fiscal 2012. The Company ended the quarter with 247 stores in North America and Australia. 
 

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