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Athletic Apparel Stock News Bite - Lululemon athletica inc. (NYSE: LULU) stock does a downward dog on Fourth Quarter and Full Year Fiscal 2023 Results

 

March 22, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Athletic Apparel Stock News Bite - Lululemon athletica inc. (NASDAQ:LULU, an athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities is seeing a deep dive in its stock in this morning's trading, currently at $388.73n down $90.11 or 18.82%.

Lululemon announced financial results for the fourth quarter and fiscal year ended January 28, 2024 yesterday after market.

Calvin McDonald, Chief Executive Officer, stated: "We are pleased with the strong finish to our 2023 fiscal year and continue to be ahead of our Power of Three ×2 strategy. During the fourth quarter, we saw continued momentum across our channels, geographies, and merchandise categories, driven by our teams around the world. As we step into 2024, we are focused on the significant opportunities ahead for lululemon as we navigate the dynamic retail environment and deliver for guests through innovative new products and brand activations."

The adjusted non-GAAP financial measures below exclude certain inventory provisions, goodwill and other asset impairments, and restructuring costs recognized in relation to lululemon Studio, the gain on the sale of an administrative office building, and the related tax effects of these items.

For the fourth quarter of 2023, compared to the fourth quarter of 2022:

Net revenue increased 16% to $3.2 billion.

Americas net revenue increased 9%.

International net revenue increased 54%, or 56% on a constant dollar basis.

Comparable sales increased 12%.

Americas comparable sales increased 7%.

International comparable sales increased 43%, or 44% on a constant dollar basis.

Gross profit increased 25% to $1.9 billion. Adjusted gross profit increased 20% to $1.9 billion.

Gross margin increased 430 basis points to 59.4%. Adjusted gross margin increased 200 basis points to 59.4%.

Income from operations increased 191% to $913.9 million. Adjusted income from operations increased 16%.

Operating margin increased to 28.5% from 11.3% in the fourth quarter of 2022. Adjusted operating margin increased 20 basis points to 28.5%.

The effective income tax rate for the fourth quarter of 2023 was 28.1% compared to 62.3% for the fourth quarter of 2022. The adjusted effective tax rate was 28.7% for the fourth quarter of 2022.

Diluted earnings per share were $5.29 compared to $0.94 in the fourth quarter of 2022. Adjusted diluted earnings per share were $4.40 for the fourth quarter of 2022.

The Company repurchased 0.1 million of its shares for a cost of $54.0 million.

The Company opened 25 net new company-operated stores during the quarter, ending with 711 stores.

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/lululemon-athletica-inc-announces-fourth-200500027.html

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