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Lululemon Athletica | 10-K: Annual report

SEC announcement ·  Mar 21 16:29
Summary by Moomoo AI
Lululemon Athletica reported a robust financial performance for the fiscal year 2023, with significant growth across key metrics. Net revenue surged by 19% to $9.6 billion, while comparable sales rose by 13%, or 14% on a constant dollar basis. The company saw a substantial 61% increase in income from operations to $2.1 billion, and a notable 83% rise in diluted earnings per share to $12.20, or 27% to $12.77 on an adjusted basis. Gross profit grew by 25% to $5.6 billion, with gross margin expanding by 290 basis points to 58.3%. Adjusted gross margin also increased, reaching 58.6%. The company's effective tax rate decreased to 28.8% from 35.9% in the previous year. Lululemon's growth was geographically widespread, with net revenue in the Americas up by 12%, China Mainland by a remarkable 67%, and Rest of World by 43%. The...Show More
Lululemon Athletica reported a robust financial performance for the fiscal year 2023, with significant growth across key metrics. Net revenue surged by 19% to $9.6 billion, while comparable sales rose by 13%, or 14% on a constant dollar basis. The company saw a substantial 61% increase in income from operations to $2.1 billion, and a notable 83% rise in diluted earnings per share to $12.20, or 27% to $12.77 on an adjusted basis. Gross profit grew by 25% to $5.6 billion, with gross margin expanding by 290 basis points to 58.3%. Adjusted gross margin also increased, reaching 58.6%. The company's effective tax rate decreased to 28.8% from 35.9% in the previous year. Lululemon's growth was geographically widespread, with net revenue in the Americas up by 12%, China Mainland by a remarkable 67%, and Rest of World by 43%. The women's product range contributed a 17% increase, men's by 15%, and other categories by 36%. The company also opened 56 new stores, enhancing its square footage by 15%. Lululemon's business development was marked by product innovation, including the launch of new collections and updates to footwear. The brand's awareness initiatives and community engagement, such as the Dupe Swap event and a partnership with Peloton, were key highlights. Looking ahead, Lululemon plans to continue its growth trajectory, focusing on product innovation, brand awareness, and community engagement. The company's liquidity remains strong, with cash and cash equivalents at $2.24 billion and a working capital excluding cash and cash equivalents of $185.3 million.

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