Lululemon said net revenue for Q3 2024 rose 9% to $2.4 billion, income from operations rose 45% to $490.7 million, and operating margin was 20.5%. Diluted earnings per share were $2.87.

1. 01

   Lululemon said net revenue for Q3 2024 rose 9% to $2.4 billion, income from operations rose 45% to $490.7 million, and operating margin was 20.5%. Diluted earnings per share were $2.87.

2. 02

   The company said China Mainland comparable sales for Q3 2024 rose 27% (24% on a constant dollar basis), Rest of World comparable sales rose 23% (20% on a constant dollar basis), and Americas comparable sales fell 2%.

3. 03

   The company said the lululemon Studio inventory obsolescence provision of $23.7 million in Q3 2023 reduced gross margin by 110 basis points. For Q3 2024, it said adjusted gross margin was 40 basis points and adjusted income from operations rose 12%.

4. 04

   Lululemon said it repurchased 4.2 million shares for a total of $1.3 billion, including commissions and excise taxes, during the first Q3 of 2024. In the first Q3 of 2023, it repurchased 1.4 million shares for $504.6 million.

Key figures

Quarter ended October 27, 2024

Revenue

$2.4B

Operating income

$491M

Net income

$352M

EPS

$2.87

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.