lululemon athletica inc announced financial results for the three and nine months ended October 31, 2007.
For the three months ended October 31, 2007:
• Net revenue increased 84% to $66.2 million from $36.0 million for the third quarter of fiscal 2006. Net revenue from corporate-owned stores was $59.9 million, an increase of 106% from $29.1 million for the third quarter of fiscal 2006, with comparable-store sales increasing 36% or 26% on a constant dollar basis. • Gross profit as a percentage of net revenue increased 210 basis points to 54.2% of net revenue from 52.1% of net revenue in the third quarter of fiscal 2006. • Income from operations was $11.8 million, or 17.9% of net revenue, compared to $4.7 million, or 13.1% of net revenue, in the third quarter of fiscal 2006. • Diluted earnings per share were $0.11 on net income of $7.6 million, compared to diluted earnings per share of $0.02 on net income of $1.7 million in the third quarter of fiscal 2006.
For the nine months ended October 31, 2007:
• Net revenue increased 75% to $169.6 million from $96.7 million in the first nine months of fiscal 2006. Net revenue from corporate-owned stores was $151.0 million, an increase of 93% from $78.1 million for the same period in fiscal 2006, with comparable-store sales increasing 30% or 24% on a constant dollar basis. • Gross profit as a percentage of net revenue increased 210 basis points to 53.0% of net revenue from 50.9% ofnet revenue in the first nine months of fiscal 2006.