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Lululemon Athletica | 8-K: LULULEMON ATHLETICA INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2023 RESULTS

SEC announcement · Mar 21 16:13

LULU +1.31%

Summary by Moomoo AI

On March 21, 2024, Lululemon Athletica Inc. reported its financial results for the fourth quarter and full fiscal year ended January 28, 2024. The company announced a 16% increase in fourth-quarter revenue to $3.2 billion and a 19% increase in full-year revenue to $9.6 billion. Diluted earnings per share (EPS) for the quarter were $5.29, and for the full year, diluted EPS was $12.20, with an adjusted EPS of $12.77. CEO Calvin McDonald expressed satisfaction with the company's performance and its progress on the 'Power of Three ×2' growth strategy. The report highlighted a 12% increase in comparable sales and a 25% increase in gross profit for the quarter. Lululemon also opened 25 new stores in the quarter, bringing the total to 711. CFO Meghan Frank emphasized the strength of Lululemon's omni operating model and the company's focus on long-term growth. The company ended the year with $2.2 billion in cash and cash equivalents and expects net revenue for the first quarter of 2024 to be between $2.175 billion and $2.200 billion, with diluted EPS between $2.35 and $2.40. For the full year 2024, net revenue is projected to be between $10.700 billion and $10.800 billion, with diluted EPS in the range of $14.00 to $14.20. These projections do not account for potential future share repurchases.

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