March 22, 2024 (Globalinvestorideas.com Newswire) Athletic Apparel Stock News Bite – Lululemon athletica inc. (NASDAQ:LULU, an athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities is seeing a deep dive in its stock in this morning’s trading, currently at $388.73n down $90.11 or 18.82%.
Lululemon announced financial results for the fourth quarter and fiscal year ended January 28, 2024 yesterday after market.
Calvin McDonald, Chief Executive Officer, stated: “We are pleased with the strong finish to our 2023 fiscal year and continue to be ahead of our Power of Three ×2 strategy. During the fourth quarter, we saw continued momentum across our channels, geographies, and merchandise categories, driven by our teams around the world. As we step into 2024, we are focused on the significant opportunities ahead for lululemon as we navigate the dynamic retail environment and deliver for guests through innovative new products and brand activations.”
The adjusted non-GAAP financial measures below exclude certain inventory provisions, goodwill and other asset impairments, and restructuring costs recognized in relation to lululemon Studio, the gain on the sale of an administrative office building, and the related tax effects of these items.
For the fourth quarter of 2023, compared to the fourth quarter of 2022:
Net revenue increased 16% to $3.2 billion.
Americas net revenue increased 9%.
International net revenue increased 54%, or 56% on a constant dollar basis.
Comparable sales increased 12%.
Americas comparable sales increased 7%.
International comparable sales increased 43%, or 44% on a constant dollar basis.
Gross profit increased 25% to $1.9 billion. Adjusted gross profit increased 20% to $1.9 billion.
Gross margin increased 430 basis points to 59.4%. Adjusted gross margin increased 200 basis points to 59.4%.
Income from operations increased 191% to $913.9 million. Adjusted income from operations increased 16%.
Operating margin increased to 28.5% from 11.3% in the fourth quarter of 2022. Adjusted operating margin increased 20 basis points to 28.5%.
The effective income tax rate for the fourth quarter of 2023 was 28.1% compared to 62.3% for the fourth quarter of 2022. The adjusted effective tax rate was 28.7% for the fourth quarter of 2022.
Diluted earnings per share were $5.29 compared to $0.94 in the fourth quarter of 2022. Adjusted diluted earnings per share were $4.40 for the fourth quarter of 2022.
The Company repurchased 0.1 million of its shares for a cost of $54.0 million.
The Company opened 25 net new company-operated stores during the quarter, ending with 711 stores.
Read the company’s full news and disclaimer here:
https://finance.yahoo.com/news/lululemon-athletica-inc-announces-fourth-200500027.html
Research more athletic apparel and sports stocks with Investorideas.com stock directory
https://www.investorideas.com/Sports/Stocks_List.asp
About Investorideas.com – Big Investing Ideas
Investorideas.com is the go-to platform for big investing ideas. From breaking stock news to top-rated investing podcasts, we cover it all. Our original branded content includes podcasts such as Exploring Mining, Cleantech, Crypto Corner, Cannabis News, and the AI Eye. We also create free investor stock directories for sectors including mining, crypto, renewable energy, gaming, biotech, tech, sports and more. Public companies within the sectors we cover can use our news publishing and content creation services to help tell their story to interested investors. Paid content is always disclosed.
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. More disclaimer info: More disclaimer and disclosure info https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
Follow us on Twitter @investorideas and @stocknewsbites
Follow us on Facebook https://www.facebook.com/Investorideas
Follow us on YouTube https://www.youtube.com/c/Investorideas
Sign up for free stock news alerts at Investorideas.com
https://www.investorideas.com/Resources/Newsletter.asp
Contact Investorideas.com
800 665 0411