Summary by Moomoo AI
Lululemon Athletica has reported a robust financial performance for the first quarter of 2024, with net revenue climbing 10% to $2.2 billion compared to the same period in 2023. The company's comparable sales saw a 6% increase, or 7% on a constant dollar basis. Notably, China Mainland and Rest of World segments experienced significant comparable sales growth of 26% and 23%, respectively. Gross profit rose by 11% to $1.3 billion, and gross margin improved slightly by 20 basis points to 57.7%. However, operating margin saw a decrease of 50 basis points to 19.6%. Diluted earnings per share increased from $2.28 to $2.54 year-over-year. The company's income from operations grew by 8% to $432.6 million, despite a 13% rise in income tax expense. Lululemon's business development has been marked by segment restructuring and expansion of...Show More
