Lululemon Athletica's gross profit for the reported quarter was $256.9 million, an increase of 7 per cent compared to the first quarter of fiscal 2016. There was a 10 per cent increase in the adjusted gross profit with $262.3 million. However, there was a 21 per cent decline in the income from operations which amounted to $45.4 million. The operating margin was 8.7 per cent, a decrease of 290 basis points compared to the first quarter of fiscal 2016. Its comparable store sales also decreased 2 per cent.
The Company ended the first quarter of fiscal 2017 with $698.3 million in cash and cash equivalents compared to $550.0 million at the end of the first quarter of fiscal 2016. Inventories at the end of the first quarter of fiscal 2017 increased by 6 per cent to $303.9 million compared to $286.2 million at the end of the first quarter of fiscal 2016.
"I am excited to see the positive trends that materialised late in Q1 continuing into Q2. Our current outlook for the remainder of 2017 is strong, and I'm energised by the growth strategies taking shape. I am also confident in our plans to restructure ivivva and believe they are the best means to optimise this part of the business," said Laurent Potdevin, CEO.
"From our cadence of product innovation, to our enhanced digital experience, and first-ever global brand campaign, we have never felt more deeply connected to our guest or better positioned to expand our collective. We remain laser focused on owning our position as the global brand defining an active, mindful lifestyle," Potdevin added. (RR)
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