Home / Knowledge / News / Apparel/Garments / lululemon athletica has very successful first quarter
lululemon athletica has very successful first quarter
13
Jun '11
lululemon athletica inc announced financial results for the first quarter ended May 1, 2011.

For the first quarter ended May 1, 2011:

• Net revenue for the quarter increased 35% to $186.8 million from $138.3 million in the first quarter of fiscal 2010.
• Comparable stores sales for the first quarter increased by 16% on a constant dollar basis.
• Direct to consumer revenue increased 51% to $13.8 million, or 7.4% of total Company sales, in the first quarter of fiscal 2011, an increase from 6.6% of total Company sales in the first quarter of fiscal 2010.
• Gross profit for the quarter increased by 48% to $109.7 million, and as a percentage of net revenue gross profit increased to 58.7% for the quarter from 53.8% in the first quarter of fiscal 2010. The increase included 140 basis points from the non-recurring adjustment for the recognition of input tax credits in the first quarter of fiscal 2011.
• Income from operations for the quarter increased by 59% to $51.7 million, and as a percentage of net revenue was 27.7% compared to 23.5% of net revenue in the first quarter of fiscal 2010.
• The tax rate for the quarter was 36.3% compared to 40.0% a year ago. The decrease resulted from a revision to management's plans for repatriation of unremitted earnings of the Canadian operating subsidiary.
• Diluted earnings per share for the quarter were $0.46 on net income of $33.4 million, compared to diluted earnings per share of $0.27 on net income of $19.6 million in the first quarter of fiscal 2010. The increase included $0.02 in diluted earnings per share from the non-recurring adjustment for the recognition of input tax credits in the first quarter of fiscal 2011.

The Company ended the first quarter of fiscal 2011 with $260.9 million in cash and cash equivalents compared to $173.6 million at the end of the first quarter of fiscal 2010. Inventory at the end of the first quarter of fiscal 2011 totaled $64.4 million compared to $50.8 million at the end of the first quarter of fiscal 2010. The Company ended the quarter with 142 stores in North America and Australia.

Christine Day, lululemon's CEO stated: “We've had a great start to the year and a very successful first quarter considering our lean inventory levels. We were able to generate strong sales and earnings growth while also focusing on a successful transition of our e-Commerce platform in-house. While cautious about the macro-environment, we remain confident that our business momentum will continue through fiscal 2011.”

Updated Outlook

For the second quarter of fiscal 2011, we expect net revenue to be in the range of $200 million to $205 million based on a comparable-store sales percentage increase in the mid-to-upper teens on a constant-dollar basis. Diluted earnings per share are expected to be in the range of $0.42 to $0.44 for the quarter. This assumes 72.6 million diluted weighted-average shares outstanding and a 36% tax rate.

For the full fiscal 2011, we now expect net revenue to be in the range of $915 million to $930 million and diluted earnings per share are expected to be in the range of $2.10 to $2.16 for the full year. This assumes a tax rate of 36% and 72.8 million diluted weighted-average shares outstanding.

lululemon athletica inc


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Global growth to pick up in 2017 and 2018: IMF

The pickup in global growth anticipated in the April World Economic...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X