VANCOUVER--(BUSINESS WIRE)--
lululemon athletica inc. (NASDAQ: LULU; TSX: LLL) today announced that
the Company is raising its guidance for the third quarter of fiscal 2009
ending November 1, 2009.
For the third quarter of fiscal 2009, the Company now expects diluted
earnings per share to be in the range of $0.17 to $0.19 as compared to
its previous guidance range for diluted earnings per share of $0.11 to
$0.13. The Company's improved guidance reflects stronger than
anticipated net revenues for the quarter.
The Company now expects net revenue to be in the range of $110 million
to $112 million for the third quarter of fiscal 2009. This compares to
the Company's previous guidance of net revenue in the range of
$95 million to $100 million for the quarter, and compares to net revenue
of $87.0 million for the third quarter of fiscal 2008. Comparable-store
sales for the third quarter of fiscal 2009 are expected to reflect a
high-single digit increase on a constant-dollar basis compared to the
third quarter of fiscal 2008. This compares to the Company's previous
guidance of relatively flat comparable store sales for the third quarter
of fiscal 2009.
Christine Day, lululemon's CEO stated: "Our sourcing and production
strategies designed to chase inventory and keep pace with renewed sales
momentum proved to be very effective during this fall season. By staying
in stock in our core items, as well as our new running line and seasonal
outerwear offerings, we have been able to satisfy strong guest demand
and exceed our original revenue expectations for the quarter. We will
continue to chase inventory and will also increase our reinvestment in
the business to ensure that we are delivering the product and in-store
experience that our guests have come to expect from lululemon."
The Company is also announcing that management will be attending the
Credit Suisse Retail Round-Up Conference on Wednesday, October 28 in
Chicago.
The Company is providing this information in light of the significant
expected outperformance of its original third quarter guidance provided
in conjunction with the announcement of the Company's second quarter
fiscal results on September 10, 2009. Investors should not expect the
Company to provide regular interim quarterly updates of guidance or
outlook information in advance of quarterly earnings announcement dates.
About lululemon athletica inc.
lululemon athletica (NASDAQ:LULU; TSX:LLL) is a yoga-inspired athletic
apparel Company that creates components for people to live longer,
healthier and more fun lives. By producing products that help keep
people active and stress free, lululemon believes that the world will be
a better place. 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 Measure
Constant-dollar net revenue changes, which exclude the impact of changes
in foreign exchange rates, are not a U.S. Generally Accepted Accounting
Principle ("GAAP") performance measure. We provide constant-dollar net
revenue changes because we use the measure to understand the underlying
growth rate of revenue excluding the impact on a quarter by quarter
basis of changes in foreign exchange rates, which are not under
management's direct control. We believe that disclosing net revenue
changes on a constant-dollar basis is useful to investors because it
enables them to better understand the level of growth of our business.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that involve risks, uncertainties
and assumptions, such as statements regarding our future financial
condition or results of operations and our prospects and strategies for
future growth. 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 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 possibility that we may not be able to manage operations at our
current size or manage growth effectively; risks that consumer spending
may continue to decline and that U.S. and global macroeconomic
conditions may worsen; the possibility that levels of comparable-store
sales or average sales per square foot will decline; the possibility
that we may not be able to successfully expand in the United States and
other new markets; increased competition causing us to reduce the prices
of our products or to increase significantly our marketing efforts in
order to avoid losing market share; the possibility that we may not be
able to continually innovate and provide our consumers with improved
products; the possibility that our suppliers or manufacturers may not
produce or deliver our products in a timely or cost-effective manner;
and other risk factors detailed in our Annual Report on Form 10-K for
the fiscal year ended February 1, 2009 and in our subsequent reports on
Form 10-Q filed with the Securities and Exchange Commission and
available at www.sec.gov.
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.
Source: lululemon athletica inc.