- Lululemon (NASDAQ: LULU): Q1 GAAP EPS of $2.54 beats by $0.12.
- Revenue of $2.21B (+10.5% Y/Y) beats by $10M.
- Comparable sales increased 6%, or 7% on a constant dollar basis.
- Gross margin increased 20 basis points to 57.7%.
- Operating margin decreased 50 basis points to 19.6%.
- The Company ended the first quarter of 2024 with 711 company-operated stores.
- Q2 Outlook: For the second quarter of 2024, the Company expects net revenue to be in the range of $2.400 billion to $2.420 billion vs. consensus of $2.45B, representing growth of 9% to 10%. Diluted earnings per share are expected to be in the range of $2.92 to $2.97 vs. consensus of $3.03 for the quarter. This assumes a tax rate of approximately 30%.
- 2024 Outlook: For 2024, the Company continues to expect net revenue to be in the range of $10.700 billion to $10.800 billion vs. consensus of $10.76B, representing growth of 11% to 12%, or 10% to 11% excluding the 53rd week of 2024. It continues to expect operating margin for the year to be approximately 23.3%. Diluted earnings per share are now expected to be in the range of $14.27 to $14.47 vs. consensus of $14.14 for the year. This assumes a tax rate of approximately 30.
- Shares +12.24%.
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