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lululemon plans to open 25 new stores in North America

11
Sep '07
lululemon athletica inc announced financial results for the three and six months ended July 31, 2007.

For the three months ended July 31, 2007:
• Net revenue increased 80% to $58.7 million compared to $32.5 million for the second quarter of fiscal 2006. Net revenue from corporate-owned stores increased 98% to $53.1 million compared to $26.8 million for the second quarter of fiscal 2006, with comparable store sales growth of 30%.
• Gross profit as a percentage of net revenue increased 430 basis points to approximately 53% of net revenue from 49% of net revenue in the second quarter of fiscal 2006.
• Income from operations increased 202% to $9.8 million, or 17% of revenues, compared to $3.2 million, or 10% of revenues, in the second quarter of fiscal 2006.
• Diluted earnings per share were $0.07 on net income of $5.1 million, compared to diluted earnings per share of $0.03 on net income of $1.9 million in the second quarter of fiscal 2006.

For the six months ended July 31, 2007:
• Net revenue increased 70% to $103.5 million compared to $60.7 million for the same period in fiscal 2006. Net revenue from corporate-owned stores increased 86% to $91.1 million compared to $49.0 million for the same period in fiscal 2006, with comparable store sales growth of 25%.
• Gross profit as a percentage of net revenue increased 210 basis points to approximately 52% of revenues from 50% of net revenue in the first six months of fiscal 2006.
• Income from operations increased 78% to $16.6 million, or 16% of revenues, compared to $9.4 million, or 15% of revenues, in the first six months of fiscal 2006.
• Diluted earnings per share were $0.12 on net income of $8.7 million, compared to diluted earnings per share of $0.07 on net income of $5.1 million, for the same period in fiscal 2006.

Robert Meers, lululemon's CEO stated: “We are pleased to report strong results in our initial quarter as a public company. Our team has built on the success of our unique winning formula – vertically retailing technical apparel for men and women – in a rapidly growing global market for healthy and active living. All of our managers, educators, brand ambassadors and head office employees continue to pave the way for the company's success.”


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