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Lululemon Athletica | 8-K: LULULEMON ATHLETICA INC. ANNOUNCES FIRST QUARTER FISCAL 2024 RESULTS BOARD OF DIRECTORS AUTHORIZES $1.0 BILLION INCREASE IN ITS STOCK REPURCHASE PROGRAM

SEC ·  Jun 5 16:17

Summary by Moomoo AI

On June 5, 2024, Lululemon Athletica Inc. reported its financial results for the first quarter of fiscal year 2024, which ended April 28, 2024. The company announced a 10% increase in net revenue to $2.2 billion and a 6% increase in comparable sales, or 7% on a constant dollar basis. Diluted earnings per share (EPS) were $2.54, up from $2.28 in the first quarter of the previous year. The board of directors also approved a $1.0 billion increase to the stock repurchase program. Lululemon's CEO, Calvin McDonald, highlighted strong momentum in international markets and guest response to product innovations. CFO Meghan Frank noted the results exceeded expectations and emphasized the company's focus on strategic investments and its Power of Three ×2 growth strategy. The company repurchased 0.8 million shares for $296.9 million in...Show More
On June 5, 2024, Lululemon Athletica Inc. reported its financial results for the first quarter of fiscal year 2024, which ended April 28, 2024. The company announced a 10% increase in net revenue to $2.2 billion and a 6% increase in comparable sales, or 7% on a constant dollar basis. Diluted earnings per share (EPS) were $2.54, up from $2.28 in the first quarter of the previous year. The board of directors also approved a $1.0 billion increase to the stock repurchase program. Lululemon's CEO, Calvin McDonald, highlighted strong momentum in international markets and guest response to product innovations. CFO Meghan Frank noted the results exceeded expectations and emphasized the company's focus on strategic investments and its Power of Three ×2 growth strategy. The company repurchased 0.8 million shares for $296.9 million in Q1 and, after the board's approval, has approximately $1.7 billion remaining for stock repurchases. Lululemon ended the quarter with $1.9 billion in cash and cash equivalents, and inventories decreased by 15% to $1.3 billion. For Q2 2024, Lululemon expects net revenue between $2.400 billion and $2.420 billion, and diluted EPS between $2.92 and $2.97. The full-year forecast anticipates net revenue between $10.700 billion and $10.800 billion, with diluted EPS between $14.27 and $14.47. The company's Power of Three ×2 plan aims to double the business from 2021 levels by 2026.

This announcement is a separate document:

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