Lululemon also announced a strategic global alliance for X-STATIC with Noble Biomaterials. The partnership gives Lululemon exclusivity to use Noble's X-STATIC antimicrobial technology in its performance apparel.
Earnings exceeded a forecast given in June, when it reported Q1 results, calling for earnings in the range of 33 to 35 cents a share. Revenue was expected to come in the range of $340 million to $345 million based on a comparable-store sales percentage increase of 5 percent to 7 percent. In the same statement in June, Christine Day announced she would step down as the company's CEO after a five and half year tenure when a successor is named.
Direct to consumer revenue in the latest quarter increased 39 percent to $49.4 million, or 14.3 percent of total company revenues, in the second quarter of fiscal 2013, an increase from 12.5 percent of total company revenues in the second quarter of fiscal 2012.
Gross profit increased 19 percent to $186.0 million, and as a percentage of net revenue gross profit decreased to 54.0 percent for the quarter from 55.1 percent in the second quarter of fiscal 2012.
Income from operations for the quarter increased 12.5 percent to $79.0 million, and as a percentage of net revenue was 22.9 percent compared to 24.8 percent of net revenue in the second quarter of fiscal 2012.
The tax rate for the quarter was 29.7 percent compared to 19.1 percent a year ago. The effective tax rate for the second quarter of fiscal 2012 reflected an adjustment of $7.2 million, reversing taxes provided for in the fourth quarter of fiscal 2011 through the first quarter of fiscal 2012.
For the twenty-six weeks ended August 4, 2013:
Net revenue for the first two quarters of fiscal 2013 increased 22 percent to $690.3 million from $568.3 million in the same period of fiscal 2012.
Comparable stores sales for the first two quarters of fiscal 2013 increased by 8 percent on a constant dollar basis.
Direct to consumer revenue increased 40 percent to $103.4 million, or 15.0 percent of total company revenues, in the first two quarters of fiscal 2013, an increase from 13.0 percent of total company revenues in the first two quarters of fiscal 2012.
Gross profit for the first two quarters of fiscal 2013 increased 14 percent to $356.7 million, and as a percentage of net revenue gross profit was 51.7 percent for the first two quarters as compared to 55.1 percent in the same period of fiscal 2012.
Income from operations for the first two quarters of fiscal 2013 increased 1 percent to $144.9 million, and as a percentage of net revenue was 21.0 percent as compared to 25.2 percent of net revenue in the same period of fiscal 2012.
The effective tax rate for the first two quarters of fiscal 2013 was 29.7 percent compared to 28.0 percent a year ago.
Diluted earnings per share for the first two quarters of fiscal 2013 were 71 cents on net income of $103.7 million, compared to diluted earnings per share of 71 cents on net income of $103.9 million the same period of fiscal 2012.
The company ended the second quarter of fiscal 2013 with $610.3 million in cash and cash equivalents compared to $444.3 million at the end of the second quarter of fiscal 2012. Inventory at the end of the second quarter of fiscal 2013 totaled $163.0 million compared to $125.4 million at the end of the second quarter of fiscal 2012. The Company ended the quarter with 226 stores in North America and Australia.
Christine Day, Lululemon's CEO, stated: "2013 continues to be the most important and most productive year in Lululemon's history. We have not only worked our way back from the black luon setback, but have also added very talented people in important functions and have taken major steps forward on a number of key fronts including the expansion of our international and men's businesses and many logistical initiatives. In addition, our exclusive partnership with Noble announced today and additional sources for luon will help to ensure that Lululemon remains a distinct leader in quality and innovation."
Day continued: "We are well on our way to finishing 2013 as a much stronger company than when the year began. I am confident that the leadership currently in place coupled with a new CEO will have tremendous success leveraging the platform for growth."
Strategic global alliance with Noble Biomaterials
Lululemon said Noble has been a longstanding partner, providing its X-STATIC technology for our Silverescent fabric since 2005.
The company said in its statement, "This unique opportunity allows us to continue to innovate our technical product with X-STATIC and secure our leadership position in “anti-stink” athletic apparel. X-STATIC's properties have helped Lululemon to set the industry standard by using the most powerful silver fabric technology to create our Silverescent fabrics. Made with 99.9 percent pure metallic silver, X-STATIC is designed to provide permanent odor protection by naturally inhibiting the growth of bacteria on the surface of fabrics. The silver fiber is woven directly into the garment and will not wash out over time through laundering."
Updated Outlook
For the third quarter of fiscal 2013, Lululemon expects net revenue to be in the range of $370 million to $375 million based on a comparable-store sales percentage increase in the mid-single digits on a constant-dollar basis. Diluted earnings per share are expected to be in the range of 39 cents to 41 cents for the quarter. This assumes 146.0 million diluted weighted-average shares outstanding and a tax rate of 30.0 percent.
For the full fiscal 2013, Lululemon now expects net revenue to be in the range of $1.625 billion to $1.635 billion and diluted earnings per share are expected to be in the range of $1.94 to $1.97 for the full year. This assumes 146.0 million diluted weighted-average shares outstanding and a tax rate of 30.0 percent.
In the June forecast, the company said it expects revenue for the year to be in the range of $1,645 million to $1,665 million and diluted earnings per share are expected to be in the range of $1.96 to $2.01 for the full year.
By press release through sportsonesource
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