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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.