LULU
$321.62
Lululemon Athletica
$8.60
2.75%
Earnings Details
3rd Quarter October 2021
Thursday, December 9, 2021 4:05:00 PM
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Summary

Lululemon Athletica Beats

Lululemon Athletica (LULU) reported 3rd Quarter October 2021 earnings of $1.62 per share on revenue of $1.5 billion. The consensus earnings estimate was $1.39 per share on revenue of $1.4 billion. The Earnings Whisper number was $1.59 per share. Revenue grew 29.8% on a year-over-year basis.

The company said it expects fourth quarter earnings of $3.25 to $3.32 per share on revenue of $2.125 billion to $2.162 billion. The current consensus earnings estimate is $3.31 per share on revenue of $2.21 billion for the quarter ending January 31, 2022.

Lululemon Athletica Inc is a designer and retailer of technical athletic apparel operating primarily in North America and Australia. Its yoga-inspired apparel is marketed under the lululemon athletica and ivivva athletica brand names.

Results
Reported Earnings
$1.62
Earnings Whisper
$1.59
Consensus Estimate
$1.39
Reported Revenue
$1.45 Bil
Revenue Estimate
$1.43 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

lululemon athletica inc. Announces Third Quarter Fiscal 2021 Results

Revenue increased 30% to $1.5 billion

Diluted EPS of $1.44, Adjusted EPS of $1.62

VANCOUVER, British Columbia--(BUSINESS WIRE)--lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2021.

Calvin McDonald, Chief Executive Officer, stated: "Our third quarter results demonstrate the ongoing strength of lululemon and the tremendous growth potential of the business in both the near- and long-term. We are pleased with our early holiday season performance and how the lululemon brand continues to resonate in markets around the world. We are energized by the exciting opportunities ahead, and I'm proud of our teams across the globe for their passion and agility – I want to thank everyone for delivering a strong quarter."

The fiscal year ending January 30, 2022 is referred to as "2021" and the fiscal year ended January 31, 2021 is referred to as "2020". The adjusted non-GAAP financial measures below exclude certain costs incurred in connection with the acquisition of MIRROR, and the related tax effects.

For the third quarter of 2021, compared to the third quarter of 2020:

  • Net revenue increased 30% to $1.5 billion. On a constant dollar basis, net revenue increased 28%.
    • Net revenue increased 28% in North America, and increased 40% internationally.
  • Total comparable sales increased 27%, or increased 26% on a constant dollar basis.
    • Comparable store sales increased 32%, or increased 31% on a constant dollar basis.
    • Direct to consumer net revenue increased 23% to $586.5 million. On a constant dollar basis, direct to consumer net revenue increased 21%.
  • Direct to consumer net revenue represented 40.4% of total net revenue compared to 42.8% for the third quarter of 2020.
  • Gross profit increased 32% to $829.4 million and gross margin increased 110 basis points to 57.2%.
  • Income from operations increased 26% to $257.9 million. Adjusted income from operations increased 32% to $282.1 million.
  • Operating margin decreased 50 basis points to 17.8%. Adjusted operating margin increased 30 basis points to 19.4%.
  • Income tax expense increased 16% to $70.2 million. The effective tax rate for the third quarter of 2021 was 27.2% compared to 29.7% for the third quarter of 2020. The adjusted effective tax rate was 25.1% for the third quarter of 2021 compared to 28.9% for the third quarter of 2020.
  • Diluted earnings per share were $1.44 compared to $1.10 in the third quarter of 2020. Adjusted diluted earnings per share were $1.62 compared to $1.16 in the third quarter of 2020.
  • The Company repurchased 0.6 million shares of its own common stock at an average price of $405.87 per share for a total cost of $236.4 million.
  • The Company opened 18 net new company-operated stores during the third quarter, ending with 552 stores.

The consolidated statement of operations for the third quarter of 2019 is included in the tables at the end of this release for reference. For the third quarter of 2021, compared to the third quarter of 2019:

  • Net revenue increased by $534.3 million, or 58%, representing a two-year compound annual growth rate of 26%.
  • Gross margin increased 210 basis points.
  • Operating margin decreased 140 basis points. Adjusted operating margin increased 20 basis points.
  • Diluted earnings per share were $1.44 compared to $0.96 in the third quarter of 2019. Adjusted diluted earnings per share were $1.62 in the third quarter of 2021.

Meghan Frank, Chief Financial Officer, stated: "Our teams continue to execute at a high level, which has enabled our strong Q3 performance and the upward revision to our guidance. We are pleased with these results given the ongoing, industry-wide supply chain issues we continue to navigate. While there are several large volume weeks ahead of us, we feel well positioned for a strong end to 2021."

Balance sheet highlights

The Company ended the third quarter of 2021 with $1.0 billion in cash and cash equivalents and the capacity under its committed revolving credit facility was $396.9 million. Inventories at the end of the third quarter of 2021 increased 22% to $943.9 million compared to $771.0 million at the end of the third quarter of 2020.

2021 Outlook

For the fourth quarter of 2021, we expect net revenue to be in the range of $2.125 billion to $2.165 billion. Diluted earnings per share are expected to be in the range of $3.24 to $3.31 for the quarter and adjusted diluted earnings per share are expected to be in the range of $3.25 to $3.32.

For 2021, we expect net revenue to be in the range of $6.250 billion to $6.290 billion. Diluted earnings per share are expected to be in the range of $7.38 to $7.45 for the year and adjusted diluted earnings per share are expected to be in the range of $7.69 to $7.76.

The guidance does not reflect potential future repurchases of the Company's shares.

The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and does not incorporate future unknown impacts from the spread of COVID-19. While most of the Company's retail locations are currently open, the Company continues to operate with precautionary measures in place, as appropriate. Further resurgences in COVID-19, including from variants could cause additional restrictions, including temporarily closing all or some of our retail locations again, result in lower consumer demand, and cause further disruption in our supply chain. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below.

Conference Call Information

A conference call to discuss third quarter results is scheduled for today, December 9, 2021, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-800-319-4610 or 1-604-638-5340, if calling internationally, approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available online at: http://investor.lululemon.com/events.cfm. A replay will be made available online approximately two hours following the live call for a period of 30 days.

About lululemon athletica inc.

lululemon athletica inc. (NASDAQ:LULU) is a healthy lifestyle inspired athletic apparel company for yoga, running, training, and most other sweaty pursuits, creating transformational products and experiences which enable people to live a life they love. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit www.lululemon.com.

Non-GAAP Financial Measures

Constant dollar changes and adjusted financial results are non-GAAP financial measures. A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates.

Adjusted income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude items related to the MIRROR acquisition. We exclude transaction, integration costs, the gain on lululemon's previous investment in MIRROR, certain acquisition-related compensation costs, and the related income tax effects of these items. The acquisition-related compensation costs include accelerated expenses related to the transition of the former MIRROR Chief Executive Officer to an advisory role. We believe these adjusted financial measures are useful to investors as they provide supplemental information that enable evaluation of the underlying trend in our operating performance, and enable a more consistent comparison to our historical financial information. Further, due to the finite and discrete nature of these costs, we do not consider them to be normal operating expenses that are necessary to operate the MIRROR business and we do not expect them to recur beyond the expiry of the related vesting periods. Management uses these adjusted financial measures and constant currency metrics internally when reviewing and assessing financial performance.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or with greater prominence to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures.

Forward-Looking Statements:

This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; the current COVID-19 coronavirus pandemic and related government, private sector, and individual consumer responsive actions; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; the acceptability of its products to guests; its ability to accurately forecast guest demand for its products; changes in consumer shopping preferences and shifts in distribution channels; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to realize the potential benefits and synergies sought with the acquisition of MIRROR; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on and limited control over third-party suppliers to provide fabrics for and to produce its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in South Asia and South East Asia; its ability to safeguard against security breaches with respect to its information technology systems; its compliance with privacy and data protection laws; any material disruption of its information systems; its ability to have technology-based systems function effectively and grow its e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding its environmental, social, and governance, or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in its key markets; global economic and political conditions and global events such as health pandemics; its ability to source and sell its merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in tax laws or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and the prevention of sale of certain products; its exposure to various types of litigation; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov, including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.

lululemon athletica inc.

Condensed Consolidated Statements of Operations

Unaudited; Expressed in thousands, except per share amounts

 

 

 

Third Quarter

 

First Three Quarters

 

 

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Net revenue

 

$

1,450,421

 

 

$

1,117,426

 

 

$

916,138

 

 

$

4,127,504

 

 

$

2,672,330

 

 

$

2,581,805

 

Costs of goods sold

 

621,028

 

 

490,072

 

 

411,094

 

 

1,755,111

 

 

1,221,073

 

 

1,169,245

 

Gross profit

 

829,393

 

 

627,354

 

 

505,044

 

 

2,372,393

 

 

1,451,257

 

 

1,412,560

 

As a percent of net revenue

 

57.2

%

 

56.1

%

 

55.1

%

 

57.5

%

 

54.3

%

 

54.7

%

Selling, general and administrative expenses

 

545,124

 

 

411,708

 

 

329,208

 

 

1,583,075

 

 

1,064,172

 

 

939,930

 

As a percent of net revenue

 

37.6

%

 

36.8

%

 

35.9

%

 

38.4

%

 

39.8

%

 

36.4

%

Amortization of intangible assets

 

2,195

 

 

2,195

 

 

7

 

 

6,585

 

 

2,965

 

 

7

 

Acquisition-related expenses

 

24,127

 

 

8,531

 

 

 

 

39,934

 

 

22,040

 

 

 

Income from operations

 

257,947

 

 

204,920

 

 

175,829

 

 

742,799

 

 

362,080

 

 

472,623

 

As a percent of net revenue

 

17.8

%

 

18.3

%

 

19.2

%

 

18.0

%

 

13.5

%

 

18.3

%

Other income (expense), net

 

15

 

 

(580

)

 

1,925

 

 

338

 

 

250

 

 

6,154

 

Income before income tax expense

 

257,962

 

 

204,340

 

 

177,754

 

 

743,137

 

 

362,330

 

 

478,777

 

Income tax expense

 

70,174

 

 

60,697

 

 

51,772

 

 

202,319

 

 

103,254

 

 

131,202

 

Net income

 

$

187,788

 

 

$

143,643

 

 

$

125,982

 

 

$

540,818

 

 

$

259,076

 

 

$

347,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.45

 

 

$

1.10

 

 

$

0.97

 

 

$

4.16

 

 

$

1.99

 

 

$

2.67

 

Diluted earnings per share

 

$

1.44

 

 

$

1.10

 

 

$

0.96

 

 

$

4.14

 

 

$

1.98

 

 

$

2.65

 

Basic weighted-average shares outstanding

 

129,684

 

 

130,318

 

 

130,282

 

 

130,019

 

 

130,271

 

 

130,420

 

Diluted weighted-average shares outstanding

 

130,189

 

 

130,924

 

 

130,805

 

 

130,557

 

 

130,842

 

 

130,975

 

lululemon athletica inc.

Condensed Consolidated Balance Sheets

Unaudited; Expressed in thousands

 

 

 

October 31,
2021

 

January 31,
2021

 

November 1,
2020

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

993,591

 

 

$

1,150,517

 

 

$

481,581

 

Inventories

 

943,900

 

 

647,230

 

 

770,990

 

Prepaid and receivable income taxes

 

140,582

 

 

139,126

 

 

168,272

 

Other current assets

 

233,221

 

 

187,506

 

 

179,970

 

Total current assets

 

2,311,294

 

 

2,124,379

 

 

1,600,813

 

Property and equipment, net

 

876,489

 

 

745,687

 

 

719,880

 

Right-of-use lease assets

 

789,381

 

 

734,835

 

 

714,086

 

Goodwill and intangible assets, net

 

460,559

 

 

466,957

 

 

468,908

 

Deferred income taxes and other non-current assets

 

134,284

 

 

113,357

 

 

124,233

 

Total assets

 

$

4,572,007

 

 

$

4,185,215

 

 

$

3,627,920

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

227,067

 

 

$

172,246

 

 

$

160,779

 

Accrued inventory liabilities

 

10,038

 

 

14,956

 

 

10,654

 

Other accrued liabilities

 

314,394

 

 

211,911

 

 

190,366

 

Accrued compensation and related expenses

 

181,863

 

 

130,171

 

 

96,527

 

Current lease liabilities

 

175,445

 

 

166,091

 

 

138,082

 

Current income taxes payable

 

43,199

 

 

8,357

 

 

5,818

 

Unredeemed gift card liability

 

137,656

 

 

155,848

 

 

104,760

 

Other current liabilities

 

28,358

 

 

23,598

 

 

23,892

 

Total current liabilities

 

1,118,020

 

 

883,178

 

 

730,878

 

Non-current lease liabilities

 

684,460

 

 

632,590

 

 

635,386

 

Non-current income taxes payable

 

38,073

 

 

43,150

 

 

43,150

 

Deferred income tax liability

 

60,374

 

 

58,755

 

 

47,199

 

Other non-current liabilities

 

12,625

 

 

8,976

 

 

8,354

 

Stockholders' equity

 

2,658,455

 

 

2,558,566

 

 

2,162,953

 

Total liabilities and stockholders' equity

 

$

4,572,007

 

 

$

4,185,215

 

 

$

3,627,920

 

lululemon athletica inc.

Condensed Consolidated Statements of Cash Flows

Unaudited; Expressed in thousands

 

 

 

First Three Quarters

 

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

Net income

 

$

540,818

 

 

$

259,076

 

Adjustments to reconcile net income to net cash provided by operating activities

 

117,306

 

 

(173,672

)

Net cash provided by operating activities

 

658,124

 

 

85,404

 

Net cash used in investing activities

 

(313,438

)

 

(616,544

)

Net cash used in financing activities

 

(523,197

)

 

(81,404

)

Effect of foreign currency exchange rate changes on cash

 

21,585

 

 

620

 

Decrease in cash and cash equivalents

 

(156,926

)

 

(611,924

)

Cash and cash equivalents, beginning of period

 

1,150,517

 

 

1,093,505

 

Cash and cash equivalents, end of period

 

$

993,591

 

 

$

481,581

 

lululemon athletica inc.

Reconciliation of Non-GAAP Financial Measures

Unaudited; Expressed in thousands, except per share amounts

 

Constant dollar changes in net revenue, total comparable sales, comparable store sales, and direct to consumer net revenue

 

The below changes show the change for the third quarter of 2021 compared to the third quarter of 2020.

 

 

 

Net Revenue

 

Total
Comparable
Sales1,2

 

Comparable
Store
Sales2

 

Direct to
Consumer Net
Revenue

Change

 

30

%

 

27

%

 

32

%

 

23

%

Adjustments due to foreign currency exchange rate changes

 

(2

)

 

(1

)

 

(1

)

 

(2

)

Change in constant dollars

 

28

%

 

26

%

 

31

%

 

21

%

__________

(1)

Total comparable sales includes comparable store sales and direct to consumer net revenue.

(2)

Comparable store sales reflects net revenue from company-operated stores that have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable store sales exclude sales from stores which have been temporarily relocated for renovations or have been temporarily closed.

Adjusted financial measures

The following tables reconcile adjusted financial measures with the most directly comparable measures calculated in accordance with GAAP. The adjustments relate to the acquisition of MIRROR, including accelerated expenses related to the transition of the former MIRROR Chief Executive Officer to an advisory role, and its related tax effects. Please refer to Note 3. Acquisition included in Item 1 of Part I of our Report on Form 10-Q to be filed with the SEC on or about December 9, 2021 for further information on these adjustments.

 

 

Third Quarter 2021

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

257,947

 

 

17.8

%

 

$

70,174

 

 

27.2

%

 

$

187,788

 

 

$

1.44

 

Transaction and integration costs

 

328

 

 

 

 

 

 

 

 

328

 

 

 

Acquisition-related compensation

 

23,799

 

 

1.6

 

 

 

 

 

 

23,799

 

 

0.18

 

Tax effect of the above

 

 

 

 

 

611

 

 

(2.1

)

 

(611

)

 

 

Adjusted results (non-GAAP)

 

$

282,074

 

 

19.4

%

 

$

70,785

 

 

25.1

%

 

$

211,304

 

 

$

1.62

 

 

 

First Three Quarters 2021

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

742,799

 

 

18.0

%

 

$

202,319

 

 

27.2

%

 

$

540,818

 

 

$

4.14

 

Transaction and integration costs

 

1,859

 

 

 

 

 

 

 

 

1,859

 

 

0.02

 

Acquisition-related compensation

 

38,075

 

 

1.0

 

 

 

 

 

 

38,075

 

 

0.29

 

Tax effect of the above

 

 

 

 

 

1,417

 

 

(1.2

)

 

(1,417

)

 

(0.01

)

Adjusted results (non-GAAP)

 

$

782,733

 

 

19.0

%

 

$

203,736

 

 

26.0

%

 

$

579,335

 

 

$

4.44

 

 

 

Third Quarter 2020

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

204,920

 

 

18.3

%

 

$

60,697

 

 

29.7

%

 

$

143,643

 

 

$

1.10

 

Transaction and integration costs

 

1,017

 

 

0.1

 

 

 

 

 

 

1,017

 

 

0.01

 

Acquisition-related compensation

 

7,514

 

 

0.7

 

 

 

 

 

 

7,514

 

 

0.06

 

Tax effect of the above

 

 

 

 

 

896

 

 

(0.8

)

 

(896

)

 

(0.01

)

Adjusted results (non-GAAP)

 

$

213,451

 

 

19.1

%

 

$

61,593

 

 

28.9

%

 

$

151,278

 

 

$

1.16

 

 

 

First Three Quarters 2020

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

362,080

 

 

13.5

%

 

$

103,254

 

 

28.5

%

 

$

259,076

 

 

$

1.98

 

Transaction and integration costs

 

10,263

 

 

0.4

 

 

 

 

 

 

10,263

 

 

0.08

 

Gain on existing investment

 

(782

)

 

 

 

 

 

 

 

(782

)

 

(0.01

)

Acquisition-related compensation

 

12,559

 

 

0.5

 

 

 

 

 

 

12,559

 

 

0.10

 

Tax effect of the above

 

 

 

 

 

2,862

 

 

(0.9

)

 

(2,862

)

 

(0.02

)

Adjusted results (non-GAAP)

 

$

384,120

 

 

14.4

%

 

$

106,117

 

 

27.6

%

 

$

278,254

 

 

$

2.13

 

Expected adjusted earnings per share

 

 

 

Fourth Quarter
Fiscal 2021

 

Fiscal 2021

Expected diluted earnings per share range

 

$3.24 to $3.31

 

$7.38 to $7.45

MIRROR integration and acquisition-related costs, net of tax

 

$0.01

 

$0.31

Expected adjusted earnings per share range (non-GAAP)

 

$3.25 to $3.32

 

$7.69 to $7.76

lululemon athletica inc.

Company-operated Store Count and Square Footage1

Square Footage Expressed in Thousands

 

 

Number of
Stores Open at
the
Beginning of
the Quarter

 

Number of
Stores Opened
During the
Quarter

 

Number of
Stores Closed
During the
Quarter

 

Number of
Stores Open
at the End of
the Quarter

4th Quarter 2020

 

515

 

 

8

 

 

2

 

 

521

 

1st Quarter 2021

 

521

 

 

3

 

 

1

 

 

523

 

2nd Quarter 2021

 

523

 

 

11

 

 

 

 

534

 

3rd Quarter 2021

 

534

 

 

19

 

 

1

 

 

552

 

 

 

Total Gross
Square Feet at
the Beginning
of the Quarter

 

Gross Square
Feet Added
During the
Quarter2

 

Gross Square
Feet Lost
During the
Quarter2

 

Total Gross
Square Feet at
the End of the
Quarter

4th Quarter 2020

 

1,808

 

 

55

 

 

5

 

 

1,858

 

1st Quarter 2021

 

1,858

 

 

12

 

 

8

 

 

1,862

 

2nd Quarter 2021

 

1,862

 

 

43

 

 

 

 

1,905

 

3rd Quarter 2021

 

1,905

 

 

97

 

 

 

 

2,002

 

__________

1

Company-operated store count and square footage summary excludes retail locations operated by third parties under license and supply arrangements.

2

Gross square feet added/lost during the quarter includes net square foot additions for company-operated stores which have been renovated or relocated in the quarter.

 

Investor Contact:
lululemon athletica inc.
Howard Tubin
1-604-732-6124
or
ICR, Inc.
Joseph Teklits/Caitlin Churchill
1-203-682-8200

Media Contact:
lululemon athletica inc.
Erin Hankinson
1-604-732-6124
or
Brunswick Group
Eleanor French
1-415-671-7676

Source: lululemon athletica inc.