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Lululemon athletica   Comparable store sales increased by 4%

Lululemon athletica Q3 net revenue increased 13%

Lululemon athleticaLululemon athletica announced financial results for the third quarter ended October 30, 2016.

Net revenue increased by 13% to $544.4 million from $479.7 million in the third quarter of fiscal 2015.

READ MORE Lululemon athletica updating guidance for Q4 2015

Total comparable sales, which includes comparable store sales and direct to consumer, increased by 7%. Comparable store sales increased by 4%.

Direct to consumer net revenue increased by 16% to $104.0 million

Gross profit increased by 24% to $278.4 million, and as a percentage of net revenue gross profit was 51.1% compared to 46.9% in the third quarter of fiscal 2015.

Income from operations increased by 36% to $93.0 million from $68.2 million in the third quarter of fiscal 2015, and as a percentage of net revenue was 17.1% compared to 14.2% of net revenue in the third quarter of fiscal 2015.

Income tax expense increased to $25.3 million from $12.1 million in the third quarter of fiscal 2015, and the effective tax rate was 27.0% compared to 18.6%.

Excluding certain tax and related interest adjustments, the effective tax rate was 31.3% compared to 28.8% in the third quarter of fiscal 2015.

Diluted earnings per share for the third quarter of fiscal 2016 were $0.50 compared to $0.38 in the third quarter of fiscal 2015. Excluding certain tax and related interest adjustments, diluted earnings per share were $0.47 for the third quarter of fiscal 2016 compared to $0.35 for the third quarter of fiscal 2015.

The Company ended the third quarter of fiscal 2016 with $480.4 million in cash and cash equivalents compared to $403.4 million at the end of the third quarter of fiscal 2015.

Inventories at the end of the third quarter of fiscal 2016 increased by 2% to $364.5 million compared to $357.8 million at the end of the third quarter of fiscal 2015. The Company ended the quarter with 389 stores.

The company also announced that its board has approved a stock repurchase program for up to $100 million of its common shares in the open market at prevailing market prices.




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