VANCOUVER, British Columbia--(BUSINESS WIRE)--
lululemon athletica inc. (NASDAQ: LULU) (TSX: LLL) today announced that
the Company is updating its net revenue and earnings guidance for the
fourth quarter of fiscal 2012 ending February 3, 2013.
For the fourth quarter, the Company now anticipates that net revenue
will be at the high end of its original guidance range of $475 million
to $480 million based on a comparable-store sales percentage increase in
the high single digits on a constant-dollar basis. The Company also now
expects diluted earnings per share will be $0.74 for the quarter. The
previous guidance for the fourth quarter was a range of 0.71 to $0.73.
EPS guidance continues to assume 145.9 million diluted weighted-average
shares outstanding and a 29.4% tax rate.
Christine Day, lululemon’s CEO stated: “Our store managers, key leaders
and educators stepped up and did a fantastic job this year as the
calendar compressed holiday shopping patterns into a couple of key
weeks. We are also pleased that our gross margin is running slightly
ahead of plan, and that we are entering 2013 in a clean inventory
position. Along with our new back to gym product, we are beginning to
flow a beautiful new spring assortment into our stores this week and
look forward to introducing new innovation and function to our guests in
2013.”
Management will be meeting with analysts and investors and presenting at
the ICR XChange Conference in Miami, Florida this week. See separate
release for webcast information.
About lululemon athletica inc.
lululemon athletica (NASDAQ:LULU; TSX:LLL) is a yoga-inspired athletic
apparel company that creates components for people to live long, healthy
and 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, is not a United States 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, our prospects and strategies for
future growth, the development and introduction of new products, and the
implementation of our marketing and branding strategies. 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: an economic
downturn or economic uncertainty in our key markets; increasing product
costs and decreasing selling prices; our inability to anticipate
consumer preferences and successfully develop and introduce new,
innovative and updated products; our inability to accurately forecast
customer demand for our products; our inability to manage our growth and
the increased complexity of our business effectively; the fluctuating
costs of raw materials; our reliance on and limited control over
third-party suppliers to provide fabrics for and to produce our
products; our highly competitive market and increasing competition; an
unforeseen disruption of our information systems; our inability to
deliver our products to the market and to meet customer expectations due
to problems with our distribution system; our inability to cancel store
leases if an existing or new store is not profitable; increasing labor
costs and other factors associated with the production of our products
in China; our inability to successfully open new store locations in a
timely manner; our failure to maintain the value and reputation of our
brand; our failure to comply with laws related to our human resources
policies or other procedures; our failure to comply with trade and other
regulations; our competitors manufacturing and selling products based on
our fabrics and manufacturing technology at lower prices than we can;
our failure to protect our intellectual property rights; and other risk
factors detailed in our Annual Report on Form 10-K for the fiscal year
ended January 29, 2012, 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.
Investor Contact:
ICR, Inc.
Joseph Teklits / Jean
Fontana, 203-682-8200
or
Media Contact:
ICR, Inc.
Alecia
Pulman, 203-682-8224
Source: lululemon athletica inc.