Lululemon Q4 results show 16% growth in net revenue

Lululemon Athletica (LULU) has released its financial results for the fiscal fourth quarter of 2023.

Lululemon revenue jumps

Total net revenue for the fourth quarter of 2023 increased by 16% to $3.2 billion compared to $2.8 billion in the same period of the previous year.

This growth was primarily driven by increased net revenue in the Americas and China Mainland, with Rest of World net revenue also experiencing an uptick.

Comparable sales rose by 12% during the quarter, marking the 14th consecutive quarter of double-digit same-store sales growth for the company.

Lulumelon adds stores in the quarter

In terms of store count, Lululemon opened 13 new company-operated stores in China Mainland, seven net new stores in the Americas, and five new stores in the rest of the world during the fourth quarter of 2023.

As a result, the total number of company-operated stores stood at 711 at the end of the quarter, compared to 655 at the end of the same period in 2022.

Gross profit for the fourth quarter of 2023 amounted to $1.9 billion, representing 59.4% of net revenue.

This marked an improvement from the gross margin of 55.1% recorded in the fourth quarter of 2022.

The increase in gross margin was attributed to various factors, including lower freight costs and reduced air freight expenses.

Operating income

Operating income for the fourth quarter of 2023 was $913.9 million, or 28.5% of net revenue, compared to $314.4 million, or 11.3% of net revenue, in the same period of 2022.

Similarly, net income for the quarter saw significant growth, amounting to $669.5 million, or $5.29 per diluted share, compared to $0.94 per diluted share in the fourth quarter of 2022.

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