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Q1 comparable sales increase 20 percent at Lululemon Athletica

By Prachi Singh

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Business

Lululemon Athletica Inc., for the first quarter ended April 29, 2018 reported net revenue of 649.7 million dollars, an increase of 25 percent compared to the first quarter of fiscal 2017. On a constant dollar basis, net revenue increased 23 percent. Total comparable sales increased 20 percent or 19 percent on a constant dollar basis. Comparable store sales increased 8 percent or 6 percent on a constant dollar basis. Direct to consumer net revenue increased 62 percent or 60 percent on a constant dollar basis.

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Commenting on the first quarter results, Glenn Murphy, Executive Chairman of the board, said in a statement: "We are pleased with our continued strong results for the first quarter of 2018. This successful start to the year reaffirms our strategic priorities.”

Financial highlights of Lululemon’s first quarter

Gross profit for the quarter was 344.7 million dollars, an increase of 34 percent. Gross profit increased 31 percent compared to adjusted gross profit for the first quarter of fiscal 2017. Gross margin was 53.1 percent, an increase of 370 basis points compared to the first quarter of fiscal 2017. Gross margin increased 270 basis points compared to adjusted gross margin for the first quarter of fiscal 2017.

Diluted earnings per share were 0.55 dollar compared to 0.23 dollar in the first quarter of fiscal 2017 and adjusted diluted earnings per share were 0.32 dollar. The company ended the quarter with 411 stores.

Lululemon updates outlook

For the second quarter of fiscal 2018, the company expects net revenue to be in the range of 660 million dollars to 665 million dollars based on a total comparable sales increase in the high single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of 0.46 dollar to 0.48 dollar for the quarter.

For the full fiscal 2018, Lululemon now expects net revenue to be in the range of 3.040 billion dollars to 3.075 billion dollars based on a total comparable sales increase in the high single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of 3.10 dollars to 3.18 dollars for the full year.

Picture:Lululemon website

Lululemon Athletica
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