LULU
$432.61
Lululemon Athletica
$.70
.16%
Earnings Details
2nd Quarter July 2021
Wednesday, September 8, 2021 4:05:00 PM
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Summary

Lululemon Athletica Beats

Lululemon Athletica (LULU) reported 2nd Quarter July 2021 earnings of $1.65 per share on revenue of $1.5 billion. The consensus earnings estimate was $1.21 per share on revenue of $1.3 billion. The Earnings Whisper number was $1.34 per share. Revenue grew 60.7% on a year-over-year basis.

The company said it expects third quarter earnings of $1.33 to $1.38 per share on revenue of $1.40 billion to $1.43 billion. The current consensus earnings estimate is $1.33 per share on revenue of $1.32 billion for the quarter ending October 31, 2021. The company also said it now expects fiscal year earnings of $7.38 to $7.48 per share on revenue of $6.19 billion to $6.26 billion. The company's previous guidance was earnings of $6.73 to $6.86 per share on revenue of $5.825 billion to $5.905 billion and the current consensus earnings estimate is $7.00 per share on revenue of $5.94 billion for the year 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
$1.65
Earnings Whisper
$1.34
Consensus Estimate
$1.21
Reported Revenue
$1.45 Bil
Revenue Estimate
$1.33 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

lululemon athletica inc. Announces Second Quarter Fiscal 2021 Results

Revenue increased 61% to $1.5 billion

Diluted EPS of $1.59, Adjusted EPS of $1.65

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

Calvin McDonald, Chief Executive Officer, stated: "Our second quarter results demonstrate the continued momentum across the business, and how we are living into our Power of Three growth plan and Impact Agenda commitments. We launched exciting new products, experienced strength across channels and geographies, and announced new partnerships that will allow us to become a leader in product sustainability." McDonald continued: "I'm inspired every day by our teams around the world for their continued enthusiasm, agility, and commitment to the brand."

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 second quarter of 2021, compared to the second quarter of 2020:

  • Net revenue increased 61% to $1.5 billion. On a constant dollar basis, net revenue increased 56%.
    • Company-operated stores net revenue increased 142% to $695.1 million.
    • Direct to consumer net revenue increased 8% to $597.4 million. On a constant dollar basis, direct to consumer net revenue increased 4%.
    • Net revenue increased 63% in North America, and increased 49% internationally.
  • Direct to consumer net revenue represented 41.2% of total net revenue compared to 61.4% for the second quarter of 2020.
  • Gross profit increased 72% to $842.7 million and gross margin increased 390 basis points to 58.1%.
  • Income from operations increased 134% to $291.0 million. Adjusted income from operations increased 120% to $299.2 million.
  • Operating margin increased 630 basis points to 20.1%. Adjusted operating margin increased 560 basis points to 20.6%.
  • Income tax expense increased 123% to $83.1 million. The effective tax rate for the second quarter of 2021 was 28.5% compared to 30.0% for the second quarter of 2020. The adjusted effective tax rate was 27.9% for the second quarter of 2021 compared to 28.9% for the second quarter of 2020.
  • Diluted earnings per share were $1.59 compared to $0.66 in the second quarter of 2020. Adjusted diluted earnings per share were $1.65 compared to $0.74 in the second quarter of 2020.
  • The Company repurchased 0.5 million shares of its own common stock at an average price of $338.41 per share for a total cost of $171.1 million.
  • The Company opened 11 new company-operated stores during the second quarter, ending with 534 stores.

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

  • Net revenue increased by $567.3 million, or 64%, representing a two-year compound annual growth rate of 28%.
  • Gross margin increased 310 basis points.
  • Operating margin increased 110 basis points. Adjusted operating margin increased 160 basis points.
  • Diluted earnings per share were $1.59 compared to $0.96 in the second quarter of 2019. Adjusted diluted earnings per share were $1.65 in the second quarter of 2021.

Meghan Frank, Chief Financial Officer, stated: "Our performance in Q2 was driven by a strong response to our product offering, improving productivity in our stores, and sustained strength in e-commerce. While we continue to navigate the COVID-19 environment, including supply chain headwinds, I'm excited with our momentum as we head into the second half of the year and pleased to be able to increase our guidance. I too would like to thank the teams across the globe for enabling our solid financial performance."

Balance sheet highlights

The Company ended the second quarter of 2021 with $1.2 billion in cash and cash equivalents and the capacity under its committed revolving credit facilities was $397.2 million. Inventories at the end of the second quarter of 2021 increased 17% to $789.8 million compared to $672.8 million at the end of the second quarter of 2020.

2021 Outlook

For the third quarter of 2021, we expect net revenue to be in the range of $1.400 billion to $1.430 billion. Diluted earnings per share are expected to be in the range of $1.28 to $1.33 for the quarter and adjusted diluted earnings per share are expected to be in the range of $1.33 to $1.38.

For 2021, we expect net revenue to be in the range of $6.190 billion to $6.260 billion. Diluted earnings per share are expected to be in the range of $7.16 to $7.26 for the year and adjusted diluted earnings per share are expected to be in the range of $7.38 to $7.48.

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 necessary precautionary measures in place at its retail locations and distribution centers. 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 second quarter results is scheduled for today, September 8, 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. 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

 
 

 

 

Second Quarter

 

First Two Quarters

 

 

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Net revenue

 

$

1,450,618

 

 

$

902,942

 

 

$

883,352

 

 

$

2,677,083

 

 

$

1,554,904

 

 

$

1,665,667

 

Costs of goods sold

 

607,932

 

 

413,441

 

 

397,556

 

 

1,134,083

 

 

731,001

 

 

758,151

 

Gross profit

 

842,686

 

 

489,501

 

 

485,796

 

 

1,543,000

 

 

823,903

 

 

907,516

 

As a percent of net revenue

 

58.1%

 

54.2%

 

55.0%

 

57.6%

 

53.0%

 

54.5%

Selling, general and administrative expenses

 

541,317

 

 

352,881

 

 

317,814

 

 

1,037,951

 

 

652,464

 

 

610,722

 

As a percent of net revenue

 

37.3%

 

39.1%

 

36.0%

 

38.8%

 

42.0%

 

36.7%

Amortization of intangible assets

 

2,195

 

 

747

 

 

 

 

4,390

 

 

770

 

 

 

Acquisition-related expenses

 

8,143

 

 

11,464

 

 

 

 

15,807

 

 

13,509

 

 

 

Income from operations

 

291,031

 

 

124,409

 

 

167,982

 

 

484,852

 

 

157,160

 

 

296,794

 

As a percent of net revenue

 

20.1%

 

13.8%

 

19.0%

 

18.1%

 

10.1%

 

17.8%

Other income (expense), net

 

96

 

 

(344)

 

 

1,850

 

 

323

 

 

830

 

 

4,229

 

Income before income tax expense

 

291,127

 

 

124,065

 

 

169,832

 

 

485,175

 

 

157,990

 

 

301,023

 

Income tax expense

 

83,053

 

 

37,264

 

 

44,842

 

 

132,145

 

 

42,557

 

 

79,430

 

Net income

 

$

208,074

 

 

$

86,801

 

 

$

124,990

 

 

$

353,030

 

 

$

115,433

 

 

$

221,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.60

 

 

$

0.67

 

 

$

0.96

 

 

$

2.71

 

 

$

0.89

 

 

$

1.70

 

Diluted earnings per share

 

$

1.59

 

 

$

0.66

 

 

$

0.96

 

 

$

2.70

 

 

$

0.88

 

 

$

1.69

 

Basic weighted-average shares outstanding

 

130,007

 

 

130,245

 

 

130,285

 

 

130,187

 

 

130,248

 

 

130,489

 

Diluted weighted-average shares outstanding

 

130,490

 

 

130,799

 

 

130,783

 

 

130,742

 

 

130,802

 

 

131,060

 

 

lululemon athletica inc.
Condensed Consolidated Balance Sheets
Unaudited; Expressed in thousands

 

 

 

August 1,
2021

 

January 31,
2021

 

August 2,
2020

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,170,041

 

 

$

1,150,517

 

 

$

522,998

 

Inventories

 

789,836

 

 

647,230

 

 

672,773

 

Prepaid and receivable income taxes

 

117,807

 

 

139,126

 

 

125,019

 

Other current assets

 

197,623

 

 

187,506

 

 

168,965

 

Total current assets

 

2,275,307

 

 

2,124,379

 

 

1,489,755

 

Property and equipment, net

 

806,387

 

 

745,687

 

 

698,514

 

Right-of-use lease assets

 

729,621

 

 

734,835

 

 

725,805

 

Goodwill and intangible assets, net

 

462,714

 

 

466,957

 

 

471,064

 

Deferred income taxes and other non-current assets

 

131,069

 

 

113,357

 

 

108,889

 

Total assets

 

$

4,405,098

 

 

$

4,185,215

 

 

$

3,494,027

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

203,546

 

 

$

172,246

 

 

$

122,767

 

Accrued inventory liabilities

 

33,316

 

 

14,956

 

 

31,675

 

Other accrued liabilities

 

269,024

 

 

211,911

 

 

177,436

 

Accrued compensation and related expenses

 

150,331

 

 

130,171

 

 

84,102

 

Current lease liabilities

 

150,087

 

 

166,091

 

 

147,941

 

Current income taxes payable

 

13,743

 

 

8,357

 

 

75,153

 

Unredeemed gift card liability

 

137,021

 

 

155,848

 

 

106,425

 

Other current liabilities

 

24,286

 

 

23,598

 

 

17,810

 

Total current liabilities

 

981,354

 

 

883,178

 

 

763,309

 

Non-current lease liabilities

 

644,734

 

 

632,590

 

 

632,646

 

Non-current income taxes payable

 

38,073

 

 

43,150

 

 

43,150

 

Deferred income tax liability

 

60,010

 

 

58,755

 

 

46,901

 

Other non-current liabilities

 

9,761

 

 

8,976

 

 

6,919

 

Stockholders' equity

 

2,671,166

 

 

2,558,566

 

 

2,001,102

 

Total liabilities and stockholders' equity

 

$

4,405,098

 

 

$

4,185,215

 

 

$

3,494,027

 

 

lululemon athletica inc.
Condensed Consolidated Statements of Cash Flows
Unaudited; Expressed in thousands

 

 

 

First Two Quarters

 

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

Net income

 

$

353,030

 

 

$

115,433

 

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

 

146,742

 

 

(55,371)

 

Net cash provided by operating activities

 

499,772

 

 

60,062

 

Net cash used in investing activities

 

(201,493)

 

 

(545,323)

 

Net cash used in financing activities

 

(290,767)

 

 

(82,157)

 

Effect of foreign currency exchange rate changes on cash

 

12,012

 

 

(3,089)

 

Increase (decrease) in cash and cash equivalents

 

19,524

 

 

(570,507)

 

Cash and cash equivalents, beginning of period

 

1,150,517

 

 

1,093,505

 

Cash and cash equivalents, end of period

 

$

1,170,041

 

 

$

522,998

 

 
 

lululemon athletica inc.
Reconciliation of Non-GAAP Financial Measures
Unaudited; Expressed in thousands, except per share amounts
Constant dollar changes in net revenue, and direct to consumer net revenue

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

 

 

Net Revenue

 

Direct to
Consumer Net
Revenue

Change

 

61

%

 

8

%

Adjustments due to foreign currency exchange rate changes

 

(5)

 

 

(4)

 

Change in constant dollars

 

56

%

 

4

%

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 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 September 8, 2021 for further information on these adjustments.

 

 

Second Quarter 2021

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

291,031

 

 

20.1

%

 

$

83,053

 

 

28.5

%

 

$

208,074

 

 

$

1.59

 

Transaction and integration costs

 

1,035

 

 

0.1

 

 

 

 

 

 

1,035

 

 

0.01

 

Acquisition-related compensation

 

7,108

 

 

0.4

 

 

 

 

 

 

7,108

 

 

0.05

 

Tax effect of the above

 

 

 

 

 

434

 

 

(0.6)

 

 

(434)

 

 

 

Adjusted results (non-GAAP)

 

$

299,174

 

 

20.6

%

 

$

83,487

 

 

27.9

%

 

$

215,783

 

 

$

1.65

 

 

 

 

First Two Quarters 2021

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

484,852

 

 

18.1

%

 

$

132,145

 

 

27.2

%

 

$

353,030

 

 

$

2.70

 

Transaction and integration costs

 

1,531

 

 

0.1

 

 

 

 

 

 

1,531

 

 

0.01

 

Acquisition-related compensation

 

14,276

 

 

0.5

 

 

 

 

 

 

14,276

 

 

0.11

 

Tax effect of the above

 

 

 

 

 

806

 

 

(0.7)

 

 

(806)

 

 

(0.01)

 

Adjusted results (non-GAAP)

 

$

500,659

 

 

18.7

%

 

$

132,951

 

 

26.5

%

 

$

368,031

 

 

$

2.81

 

 

 

 

Second Quarter 2020

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

124,409

 

 

13.8

%

 

$

37,264

 

 

30.0

%

 

$

86,801

 

 

$

0.66

 

Transaction and integration costs

 

7,201

 

 

0.8

 

 

 

 

 

 

7,201

 

 

0.06

 

Gain on existing investment

 

(782)

 

 

(0.1)

 

 

 

 

 

 

(782)

 

 

(0.01)

 

Acquisition-related compensation

 

5,045

 

 

0.5

 

 

 

 

 

 

5,045

 

 

0.04

 

Tax effect of the above

 

 

 

 

 

1,967

 

 

(1.1)

 

 

(1,967)

 

 

(0.01)

 

Adjusted results (non-GAAP)

 

$

135,873

 

 

15.0

%

 

$

39,231

 

 

28.9

%

 

$

96,298

 

 

$

0.74

 

 
 

 

 

First Two Quarters 2020

 

 

Income from
Operations

 

Operating
Margin

 

Income Tax
Expense

 

Effective Tax
Rate

 

Net Income

 

Diluted
Earnings Per
Share

GAAP results

 

$

157,160

 

 

10.1

%

 

$

42,557

 

 

26.9

%

 

$

115,433

 

 

$

0.88

 

Transaction and integration costs

 

9,246

 

 

0.6

 

 

 

 

 

 

9,246

 

 

0.07

 

Gain on existing investment

 

(782)

 

 

(0.1)

 

 

 

 

 

 

(782)

 

 

(0.01)

 

Acquisition-related compensation

 

5,045

 

 

0.4

 

 

 

 

 

 

5,045

 

 

0.04

 

Tax effect of the above

 

 

 

 

 

1,967

 

 

(0.9)

 

 

(1,967)

 

 

(0.01)

 

Adjusted results (non-GAAP)

 

$

170,669

 

 

11.0

%

 

$

44,524

 

 

26.0

%

 

$

126,975

 

 

$

0.97

 

Expected adjusted earnings per share

 

 

Third Quarter
Fiscal 2021

 

Fiscal 2021

Expected diluted earnings per share range

 

$1.28 to $1.33

 

$7.16 to $7.26

MIRROR integration and acquisition-related costs, net of tax

 

$0.05

 

$0.22

Expected adjusted earnings per share range (non-GAAP)

 

$1.33 to $1.38

 

$7.38 to $7.48

 

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

3rd Quarter 2020

 

506

 

 

11

 

 

2

 

 

515

 

4th Quarter 2020

 

515

 

 

8

 

 

2

 

 

521

 

1st Quarter 2021

 

521

 

 

3

 

 

1

 

 

523

 

2nd Quarter 2021

 

523

 

 

11

 

 

 

 

534

 

 
 

 

 

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

3rd Quarter 2020

 

1,757

 

 

54

 

 

3

 

 

1,808

 

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

 

__________

1Company-operated store count and square footage summary excludes retail locations operated by third parties under license and supply arrangements.
2Gross 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.