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lululemon athletica posts Q2 fiscal 2008 results

11
Sep '08
lululemon athletica inc announced financial results for the thirteen weeks ended August 3, 2008.

For the thirteen weeks ended August 3, 2008:
• Net revenue increased 48% to $85.5 million from $57.9 million for the second quarter of fiscal 2007. Net revenue from corporate-owned stores was $78.3 million, an increase of 50% from $52.3 million for the second quarter of fiscal 2007, with comparable-store sales increasing 13% on a constant-dollar basis compared to the second quarter of fiscal 2007, or 18% including the impact of currency.

• Income from operations increased 52% to $15.5 million, or 18.2% of net revenue, compared to $10.2 million, or 17.7% of net revenue, in the second quarter of fiscal 2007.

• Diluted earnings per share from continuing operations were $0.18 on net income of $12.3 million, compared to diluted earnings per share of $0.08 on net income of $5.5 million in the second quarter of fiscal 2007. Diluted earnings per share were $0.16 after deducting a loss of $0.02 per share for discontinued operations resulting from the Company's closure of its stores in Japan.

For the twenty six weeks ended August 3, 2008:
• Net revenue increased 59% to $162.4 million compared to $102.0 million for the same period in fiscal 2007. Net revenue from corporate-owned stores increased 65% to $147.7 million compared to $89.7 million for the same period in fiscal 2007, with comparable store sales growth of 14% on a constant dollar basis or 22% including the impact of currency.

• Income from operations increased 58% to $27.5 million, or 16.9% of net revenue, compared to $17.4 million, or 17.0% of net revenue, in the first six months of fiscal 2007.

• Diluted earnings per share from continuing operations were $0.29 on net income of $20.8 million, compared to diluted earnings per share of $0.13 on net income of $9.3 million for the same period in fiscal 2007. Diluted earnings per share were $0.27 for the first twenty six weeks of fiscal 2008, after deducting a loss of $0.02 per share for discontinued operations.

Christine Day, lululemon's CEO stated: “We have a lot of accomplishments to celebrate this quarter. We are pleased with our financial performance, particularly in light of the current retail environment, and have made notable progress on various initiatives in real estate, systems and people that will support our long term growth objectives. Looking ahead, we are excited by our continued sales momentum and the tremendous opportunity for the lululemon brand as we expand our store base and develop our e-commerce business.”

Maintaining Guidance:
Based on the results year to date and our outlook for the balance of the year, the Company maintains its guidance for fiscal 2008 diluted earnings per share in the range of $0.68-$0.71.

The Company continues to expect revenue between $380 million and $385 million based on anticipated comparable store sales growth of high single digits on a constant dollar basis and 35 planned new store openings in North America.


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