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lululemon reports strong third quarter results
10
Dec '10
lululemon athletica inc announced financial results for the third quarter ended October 31, 2010.

For the thirteen weeks ended October 31, 2010:

• Net revenue for the quarter increased 56% to $175.8 million from $112.9 million in the third quarter of fiscal 2009. Net revenue from corporate-owned stores was $143.2 million for the quarter, an increase of 46% from $98.1 million in the third quarter of fiscal 2009, and comparable-store sales increased by 29% on a constant-dollar basis.
• Gross profit for the quarter increased by 72% to $96.8 million, and as a percentage of net revenue gross profit increased to 55% for the quarter from 50% in the third quarter of fiscal 2009.
• Income from operations for the quarter increased by 103% to $42.4 million, and as a percentage of net revenue was 24% compared to 19% of net revenue in the third quarter of fiscal 2009.
• Diluted earnings per share for the quarter was $0.36 on net income of $25.7 million, compared to diluted earnings per share of $0.20 on net income of $14.1 million in the third quarter of fiscal 2009.
• The tax rate for the quarter was 39% versus 33% a year ago. The tax rate has been increased to take into account the additional deferred income tax liability for estimated future taxes attributable to undistributed earnings of the Canadian operating subsidiary.

For the thirty-nine weeks ended October 31, 2010:

• Net revenue for the first three quarters increased 60% to $466.3 million from $292.3 million in the same period of fiscal 2009. Net revenue from corporate-owned stores was $388.2 million for the first three quarters of fiscal 2010, an increase of 52% from $256.1 million in the first three quarters of fiscal 2009. Year to date comparable-store sales increased by 31% on a constant-dollar basis.
• Gross profit for the first three quarters increased by 84% to $251.5 million from $136.5 million in the same period of fiscal 2009. As a percentage of net revenue, gross profit increased to 54% for the first three quarters of fiscal 2010 from 47% in the same period of fiscal 2009.
• Income from operations for the first three quarters increased by 142% to $109.1 million, and as a percentage of net revenue was 23% compared to 15% of net revenue in the same period of fiscal 2009.
• Diluted earnings per share on a year to date basis was $0.93 on net income of $67.1 million, compared to diluted earnings per share of $0.42 on net income of $29.8 million in the same period of fiscal 2009.
• The tax rate for the first three quarters of fiscal 2010 was 40% versus 34% for the same period in the prior year. The tax rate has been increased to take into account the additional deferred income tax liability for estimated future taxes attributable to undistributed earnings of the Canadian operating subsidiary.

The Company ended the third quarter of fiscal 2010 with $224.8 million in cash and cash equivalents compared to $101.8 million at the end of the third quarter of fiscal 2009. Inventory at the end of the third quarter of fiscal 2010 totaled $73.0 million compared to $52.1 million at the end of the third quarter of fiscal 2009. The Company ended the quarter with 134 stores in North America and Australia.


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