LULU stock was down 40% YTD. Key indicators.
Lululemon (Ticker: LULU) Q1 2024 Earnings
LULU stock was down 40% YTD, so its Q1 2024 earnings were eagerly anticipated by investors. Key highlights include:
Revenue
Revenue rose by 10% overall to $2.2 billion, or 11% in constant currency, with significant growth in international markets. Mainland China saw a 52% increase, and the rest of the world grew by 30%. In the Americas, revenue increased by 4% in constant currency, with Canada up 12% and the U.S. up 2%. By category, women's merchandise grew by 10%, men's by 15%, and accessories by 2%. Store sales rose by 12%, and digital revenue increased by 8%.
Profitability
Gross profit reached $1.28 billion, with a slight gross margin increase to 57.7% due to lower costs and higher product margins. Earnings per share were $2.54, up from $2.28 the previous year.
Capital Allocation
The company also repurchased nearly $300 million of stock in Q1 and $230 million in Q2 so far, with an additional $1 billion authorized for future repurchases.
Guidance
Revenue guidance remains at 10% to 11% growth for the year. Management expects to open 35-40 new stores and maintain a steady gross margin. Full-year EPS guidance was raised to between $14.27 and $14.47.
LULU stock was down 40% YTD, so its Q1 2024 earnings were eagerly anticipated by investors. Key highlights include:
Revenue
Revenue rose by 10% overall to $2.2 billion, or 11% in constant currency, with significant growth in international markets. Mainland China saw a 52% increase, and the rest of the world grew by 30%. In the Americas, revenue increased by 4% in constant currency, with Canada up 12% and the U.S. up 2%. By category, women's merchandise grew by 10%, men's by 15%, and accessories by 2%. Store sales rose by 12%, and digital revenue increased by 8%.
Profitability
Gross profit reached $1.28 billion, with a slight gross margin increase to 57.7% due to lower costs and higher product margins. Earnings per share were $2.54, up from $2.28 the previous year.
Capital Allocation
The company also repurchased nearly $300 million of stock in Q1 and $230 million in Q2 so far, with an additional $1 billion authorized for future repurchases.
Guidance
Revenue guidance remains at 10% to 11% growth for the year. Management expects to open 35-40 new stores and maintain a steady gross margin. Full-year EPS guidance was raised to between $14.27 and $14.47.
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