AI English summary of an SEC filing — figures as filed
Lululemon Athletica LULUThe company said net revenue for Q1 2024 rose 10% year over year to $2.2 billion, and that on a constant dollar basis it rose 11%. Diluted earnings per share were $2.54, compared with $2.28 a year earlier.
Key points
AI summaryThe company said net revenue for Q1 2024 rose 10% year over year to $2.2 billion, and that on a constant dollar basis it rose 11%. Diluted earnings per share were $2.54, compared with $2.28 a year earlier.
Lululemon said Americas comparable sales were flat year over year in Q1. It said China Mainland comparable sales rose 26% (33% on a constant dollar basis), and Rest of World comparable sales rose 23% (26% on a constant dollar basis).
The company cited a net increase in product margin of 120 basis points as the main driver of the gross margin increase in Q1. It said unfavorable effects from occupancy costs of 70 basis points, distribution center costs of 50 basis points and foreign exchange rates of 30 basis points partially offset this. It said selling, general and administrative expenses rose $94.9 million.
The company said it repurchased 0.8 million shares in Q1 2024 at a total cost, including commissions and excise taxes, of $299.5 million, compared with 0.3 million shares for $98.5 million a year earlier. It said it had $400.0 million in committed revolving credit capacity and had no borrowings outstanding under it other than $6.3 million in letters of credit.
Key figures
Quarter ended April 28, 2024
- Revenue
- $2.2B
- Operating income
- $433M
- Net income
- $321M
- EPS
- $2.54
- Gross profit
- $1.3B
- Operating cash flow
- $128M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Net Revenue and Diluted EPS for Q1 2024
The company said net revenue for Q1 2024 rose 10% year over year to $2.2 billion, and that on a constant dollar basis it rose 11%. Diluted earnings per share were $2.54, compared with $2.28 a year earlier.
Source · Based on the MD&A text of the filing
Comparable Sales Changes by Region
Lululemon said Americas comparable sales were flat year over year in Q1. It said China Mainland comparable sales rose 26% (33% on a constant dollar basis), and Rest of World comparable sales rose 23% (26% on a constant dollar basis).
Source · Based on the MD&A text of the filing
Gross Margin Drivers and SG&A Increase
The company cited a net increase in product margin of 120 basis points as the main driver of the gross margin increase in Q1. It said unfavorable effects from occupancy costs of 70 basis points, distribution center costs of 50 basis points and foreign exchange rates of 30 basis points partially offset this. It said selling, general and administrative expenses rose $94.9 million.
Source · Based on the MD&A text of the filing
Share Repurchases and Revolving Credit Facility
The company said it repurchased 0.8 million shares in Q1 2024 at a total cost, including commissions and excise taxes, of $299.5 million, compared with 0.3 million shares for $98.5 million a year earlier. It said it had $400.0 million in committed revolving credit capacity and had no borrowings outstanding under it other than $6.3 million in letters of credit.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…