The company had projected revenues in the quarter to come in the range of $273 million to $278 million on a comp store gain in the low double digits. EPS was expected to range between 28 cents to 30 cents share.
Direct to consumer revenue increased 91 percent to $35.4 million, or 12.5 percent of total company revenues, in the second quarter of fiscal 2012, an increase from 8.8 percent of total company revenues in the second quarter of fiscal 2011.
Gross profit for the quarter increased 28 percent to $155.8 million, and as a percentage of net revenue gross profit was 55.1 percent for the quarter as compared to 57.5 percent in the second quarter of fiscal 2011.
Income from operations for the quarter increased 18 percent to $70.2 million, and as a percentage of net revenue was 24.8 percent as compared to 28.0 percent of net revenue in the second quarter of fiscal 2011.
The effective tax rate for the second quarter of fiscal 2012 was 19.1 percent after an adjustment of $7.2 million, reversing taxes provided for in Q4 of fiscal 2011 through Q1 of fiscal 2012. This adjustment resulted from the finalization of management’s review of the tax impact of intercompany pricing agreements entered into in Q4 of fiscal 2011. Normalized for this adjustment, the tax rate for the second quarter of fiscal 2012 was 29.2 percent compared to 35.7 percent in the second quarter of fiscal 2011. The tax rate in the second quarter of fiscal 2012 reflects the ongoing impact of the revised intercompany pricing agreements.
Diluted earnings per share for the quarter were $0.39 on net income of $57.2 million, compared to diluted earnings per share of $0.26 on net income of $38.4 million in the second quarter of fiscal 2011. Second quarter diluted earnings per share normalized for the tax adjustment were $0.34 and would have been $0.31 at our previously estimated effective tax rate of 36.5 percent.
For the twenty-six weeks ended July 29, 2012:
Net revenue for the first two quarters of fiscal 2012 increased 42 percent to $568.3 million from $399.1 million in the same period of fiscal 2011.
Comparable stores sales for the first two quarters of fiscal 2012 increased by 20 percent on a constant dollar basis.
Direct to consumer revenue increased 128 percent to $73.9 million, or 13.0 percent of total company revenues, in the first two quarters of fiscal 2012, an increase from 8.1 percent of total company revenues in the first two quarters of fiscal 2011.
Gross profit for the first two quarters of fiscal 2012 increased 35 percent to $313.0 million, and as a percentage of net revenue gross profit was 55.1 percent for the first two quarters as compared to 58.1 percent in the same period of fiscal 2011.
Income from operations for the first two quarters increased 29 percent to $143.3 million, and as a percentage of net revenue was 25.2 percent as compared to 27.9 percent of net revenue in the same period of fiscal 2011.
The effective tax rate for the first two quarters was 28.0 percent after an adjustment of $2.0 million, reversing taxes provided for in Q4 of fiscal 2011. This resulted from the finalization of management’s review of the tax impact of intercompany pricing agreements entered into in Q4 of fiscal 2011. Normalized for this adjustment, the tax rate for the first two quarters of fiscal 2012 was 29.3 percent compared to 36.0 percent in the first two quarters of fiscal 2011. The tax rate for the first two quarters of fiscal 2012 reflects the ongoing impact of the revised intercompany pricing agreements.
Diluted earnings per share for the first two quarters of fiscal 2012 were $0.71 on net income of $103.9 million, compared to diluted earnings per share of $0.49 on net income of $71.8 million in the same period of fiscal 2011. First two quarters diluted earnings per share normalized for the tax adjustment were $0.70 and would have been $0.63 at our previously estimated effective tax rate of 36.5 percent.
The company ended the second quarter of fiscal 2012 with $444.3 million in cash and cash equivalents compared to $264.7 million at the end of the second quarter of fiscal 2011. Inventory at the end of the second quarter of fiscal 2012 totaled $125.4 million compared to $88.9 million at the end of the second quarter of fiscal 2011. The company ended the quarter with 189 stores in North America and Australia.
Christine Day, lululemon’s CEO stated: “We continue to strive for the right balance between strong growth and maintaining our market leader focus on execution, innovation and investments in infrastructure and while doing so delivered another strong quarter.”
Updated Outlook
For the third quarter of fiscal 2012, we expect net revenue to be in the range of $300 million to $305 million based on a comparable-store sales percentage increase in the low to mid teens on a constant-dollar basis. Diluted earnings per share are expected to be in the range of $0.34 to $0.36 for the quarter. This assumes 145.8 million diluted weighted-average shares outstanding and a 29.5 percent tax rate.
For the full fiscal 2012, we now expect net revenue to be in the range of $1.345 billion to $1.360 billion and diluted earnings per share are expected to be in the range of $1.76 to $1.81 for the full year. This assumes 145.8 million diluted weighted-average shares outstanding and a tax rate of 28.9 percent, which includes the effects of the $2.0 million adjustment to reverse taxes provided for in Q4 of fiscal 2011.
(SportsOneSource Media)
Aucun commentaire:
Enregistrer un commentaire