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Gross profit was $396.2 million, an increase of 33 per cent compared to the second quarter of fiscal 2017. Gross profit went up 32 per cent compared to adjusted gross profit for the second quarter of fiscal 2017.
"We are very pleased with the consistent performance of our business. On behalf of the Board, I want to welcome Calvin McDonald to lululemon and thank our management team for delivering these incredible results," Glenn Murphy, chairman of the board, said.
Income from operations was $134.2 million, rise of 95 per cent compared to the second quarter of fiscal 2017. Income from operations soared 81 per cent compared to adjusted income from operations for the second quarter of fiscal 2017.
"We’re pleased to see the great results of Q2 across all parts of our business now extending into the current quarter. This ongoing success positions us to achieve our 2020 goals and beyond. Above all, we want to thank our educators and teams around the world who make this possible.," Stuart Haselden, chief operating officer, said.
The company ended the second quarter of fiscal 2018 with $777.8 million in cash and cash equivalents compared to $721.2 million at the end of the second quarter of fiscal 2017. Inventories at the end of the second quarter of fiscal 2018 increased 24 per cent to $392.7 million compared to $316.4 million at the end of the second quarter of fiscal 2017. It ended the quarter with 415 stores.
"I’m excited to work with the leadership team to build upon this considerable success. We have an incredible growth trajectory in front of us, given the strength of the brand and our people," Calvin McDonald, chief executive officer, informed.
For the third quarter of fiscal 2018, the company expects net revenue to be in the range of $720 million to $730 million based on a total comparable sales increase in the low teens on a constant dollar basis. Diluted earnings per share are likely to be in the range of $0.65 to $0.67 for the quarter. This guidance assumes 133.0 million diluted weighted-average shares outstanding and a 30 per cent tax rate. The guidance does not reflect potential future repurchases of the company's shares or any adjustments which may be recognized in connection with the US tax reform. (RR)
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