The company said net revenue for Q2 2024 rose 7% year over year to $2.4 billion, or 8% on a constant dollar basis, and that diluted earnings per share were $3.15, compared with $2.68 a year earlier.

1. 01

   The company said net revenue for Q2 2024 rose 7% year over year to $2.4 billion, or 8% on a constant dollar basis, and that diluted earnings per share were $3.15, compared with $2.68 a year earlier.

2. 02

   Lululemon said comparable sales for Q2 rose 21% in China Mainland and 17% in Rest of World, while they fell 3% in the Americas. The company cited lower conversion rates as the reason for the decline in the Americas.

3. 03

   The company said the increase in gross margin for Q2 was driven by a 130 basis points increase in product margin and a 80 basis points decrease in product department costs as a percentage of net revenue. It said these gains were partly offset by a 70 basis points increase in occupancy and depreciation costs as a percentage of net revenue, among other factors.

4. 04

   The company said it repurchased 2.6 million shares for a total of $888.9 million, including commissions and excise tax, in the first two quarters of 2024. It said it repurchased 0.8 million shares for $292.0 million in the same period a year earlier.

Key figures

Quarter ended July 28, 2024

Revenue

$2.4B

Operating income

$540M

Net income

$393M

EPS

$3.15

Gross profit

$1.4B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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.