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Lululemon athletica Q2 net revenue increased 22%

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Christian Fernsby |
Lululemon athletica
Lululemon athletica   Net revenue was $883.4 million

Lululemon athletica announced financial results for the second quarter of fiscal 2019.

Topics: Lululemon athletica

Net revenue was $883.4 million, an increase of 22% compared to the second quarter of fiscal 2018. On a constant dollar basis, net revenue increased 23%.

Total comparable sales increased 15%, or increased 17% on a constant dollar basis.

Comparable store sales increased 10%, or increased 11% on a constant dollar basis.

Direct to consumer net revenue increased 30%, or increased 31% on a constant dollar basis.

Direct to consumer net revenue represented 24.6% of total net revenue compared to 23.1% for the second quarter of fiscal 2018.

Gross profit was $485.8 million, an increase of 23% compared to the second quarter of fiscal 2018.

Gross margin was 55.0%, an increase of 20 basis points compared to the second quarter of fiscal 2018.

Income from operations was $168.0 million, an increase of 25% compared to the second quarter of fiscal 2018.

Operating margin was 19.0%, an increase of 50 basis points compared to the second quarter of fiscal 2018.

Income tax expense was $44.8 million compared to $40.0 million in the second quarter of fiscal 2018 and the effective tax rate was 26.4% compared to 29.5%.

Diluted earnings per share were $0.96 compared to $0.71 in the second quarter of fiscal 2018.

The company repurchased 9.6 thousand shares of its own common stock at an average cost of $164.05 per share.

The company ended the second quarter of fiscal 2019 with $623.7 million in cash and cash equivalents compared to $777.8 million at the end of the second quarter of fiscal 2018. Inventories at the end of the second quarter of fiscal 2019 increased 26% to $494.3 million compared to $392.7 million at the end of the second quarter of fiscal 2018. The Company ended the quarter with 460 stores.


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