Board of Directors Authorizes
$200 Million
Stock Repurchase Program
VANCOUVER, British Columbia
--(BUSINESS WIRE)--
lululemon athletica
inc. (NASDAQ:LULU) today announced financial results
for the third quarter ended
October 29, 2017
.
The Company reported diluted earnings per share of
$0.43
for the third
quarter of fiscal 2017. Excluding the impact of the ivivva restructuring
that was announced on
June 1, 2017
, the Company reported adjusted
diluted earnings per share of
$0.56
.
The summary below provides both GAAP and adjusted non-GAAP financial
measures. In connection with the restructuring of its ivivva operations,
the Company recognized pre-tax costs totaling
$22.2 million
in the third
quarter of fiscal 2017. The adjusted financial measures exclude the
impact of the ivivva restructuring and the related tax effects, and also
exclude certain discrete tax items which were recognized during the
third quarter of fiscal 2016.
For the third quarter ended
October 29, 2017
:
-
Net revenue was
$619.0 million
, an increase of 14% compared to the
third quarter of fiscal 2016. On a constant dollar basis, net revenue
increased 12%.
-
Total comparable sales increased 8%, or increased 7% on a constant
dollar basis.
-
Comparable store sales increased 2%, or increased 1% on a constant
dollar basis.
-
Direct to consumer net revenue increased 26%, or increased 25% on
a constant dollar basis.
-
Gross profit was
$322.0 million
, an increase of 16% compared to the
third quarter of fiscal 2016. Adjusted gross profit was
$323.1
million
, an increase of 16%.
-
Gross margin was 52.0%, an increase of 90 basis points compared to the
third quarter of fiscal 2016. Adjusted gross margin was 52.2%, an
increase of 110 basis points.
-
Income from operations was
$85.6 million
, a decrease of 8% compared to
the third quarter of fiscal 2016. Adjusted income from operations
increased
$14.8 million
, or 16%, to
$107.8 million
.
-
Operating margin was 13.8%, a decrease of 330 basis points compared to
the third quarter of fiscal 2016. Adjusted operating margin was 17.4%,
an increase of 30 basis points.
-
Income tax expense was
$27.7 million
compared to
$25.3 million
in the
third quarter of fiscal 2016 and the effective tax rate was 32.0%
compared to 27.0%. The adjusted effective tax rate was 30.8% compared
to 31.3% in the third quarter of fiscal 2016.
-
Diluted earnings per share were
$0.43
compared to
$0.50
in the third
quarter of fiscal 2016. Adjusted diluted earnings per share were
$0.56
compared to
$0.47
for the third quarter of fiscal 2016.
-
The Company repurchased 0.1 million shares of its own common stock at
an average cost of $60.27 per share, completing the previous
$100
million
stock repurchase program which commenced in
December 2016
.
The Company ended the third quarter of fiscal 2017 with
$650.1 million
in cash and cash equivalents compared to
$480.4 million
at the end of
the third quarter of fiscal 2016. Inventories at the end of the third
quarter of fiscal 2017 increased 9% to
$396.9 million
compared to
$364.5
million
at the end of the third quarter of fiscal 2016. The Company
ended the quarter with 388 stores.
The Company also announced that its board of directors has approved a
new stock repurchase program for up to $200 million of its common shares
in the open market at prevailing market prices, including under plans
complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the
Securities Exchange Act of 1934. The timing and actual number of common
shares to be repurchased will depend upon market conditions, eligibility
to trade, and other factors, in accordance with Securities and Exchange
Commission requirements, and the repurchase program is expected to be
completed in two years. The stock repurchase program is intended to
create shareholder value by making opportunistic repurchases during
periods of favorable market conditions. Shares may be repurchased from
time to time on the open market, through block trades or otherwise.
Purchases may be started or stopped at any time without prior notice
depending on market conditions and other factors.
Laurent Potdevin
, CEO,
lululemon
, commented: "Our teams powerfully
delivered robust results across both store and digital channels this
quarter, driving a further acceleration in our business. The strength of
our Q3 earnings supports our unique position as the global brand
defining an active, mindful lifestyle."
Mr. Potdevin
added: "As we start the holiday season, I'm energized by
our momentum and we are increasing guidance to reflect this performance.
I'm grateful for the enthusiasm I see every day across our collective as
we remain on our path to delivering
$4 billion
in revenue in 2020."
Updated Outlook
In connection with the restructuring of the ivivva operations, we expect
to recognize total pre-tax costs of between
$45.0 million
and
$50.0
million
in fiscal 2017, inclusive of
$45.4 million
recognized during the
first three quarters of fiscal 2017. This primarily relates to
long-lived asset impairment and lease termination costs.
For the fourth quarter of fiscal 2017, we expect net revenue to be in
the range of
$870 million
to
$885 million
based on a total comparable
sales increase in the mid-single digits on a constant dollar basis.
Diluted earnings per share are expected to be in the range of
$1.18
to
$1.21
for the quarter. Excluding the impact of the ivivva restructuring,
we expect adjusted diluted earnings per share to be in the range of
$1.19
to
$1.22
for the quarter. This guidance assumes 135.6 million
diluted weighted-average shares outstanding and a 30.4% tax rate. The
guidance does not reflect potential future repurchases of the Company's
shares.
For the full fiscal 2017, we now expect net revenue to be in the range
of
$2.590 billion
to
$2.605 billion
based on a total comparable sales
increase in the mid-single digits on a constant dollar basis. Diluted
earnings per share are expected to be in the range of
$2.20
to
$2.23
for
the full year. Excluding the impact of the ivivva restructuring, we
expect adjusted diluted earnings per share to be in the range of
$2.45
to
$2.48
for the year. This guidance assumes 136.2 million diluted
weighted-average shares outstanding and a 30.9% tax rate, or 30.4%
excluding the tax effect of the ivivva restructuring. 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 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 6, 2017
, 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, with products that create transformational experiences
for people to live happy, healthy, fun lives. 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 in net revenue, total comparable sales,
comparable store sales, and direct to consumer net revenue, and the
adjusted financial results, are non-GAAP financial measures.
A constant dollar basis assumes the average foreign exchange rates for
the period remained constant with the average foreign exchange rates for
the same period of the prior year. We provide constant dollar changes in
net revenue, total comparable sales, comparable store sales, and direct
to consumer net revenue, because we use these measures to understand the
underlying growth rate of net revenue excluding the impact of changes in
foreign exchange rates. We believe that disclosing these measures on a
constant dollar basis is useful to investors because it enables them to
better understand the level of growth of our business.
Adjusted gross profit, gross margin, income from operations, operating
margin, effective tax rates, and diluted earnings per share exclude the
costs recognized in connection with the restructuring of our ivivva
operations, its related tax effects, and certain discrete items related
to our transfer pricing arrangements and taxes on repatriation of
foreign earnings. We believe these adjusted financial measures are
useful to investors as the adjustments do not directly relate to our
ongoing business operations and therefore do not contribute to a
meaningful evaluation of the trend in our operating performance.
Furthermore, we do not believe the adjustments are reflective of our
expectations of our future operating performance and believe these
non-GAAP measures are useful to investors because of their comparability
to our historical information.
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 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 also include
our 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:
our ability to maintain the value and reputation of our brand; the
acceptability of our products to our guests; our highly competitive
market and increasing competition; our reliance on and limited control
over third-party suppliers to provide fabrics for and to produce our
products; an economic downturn or economic uncertainty in our key
markets; increasing product costs and decreasing selling prices; our
ability to anticipate consumer preferences and successfully develop and
introduce new, innovative and updated products; our ability to
accurately forecast guest demand for our products; our ability to
safeguard against security breaches with respect to our information
technology systems; any material disruption of our information systems;
our ability to have technology-based systems function effectively and
grow our e-commerce business globally; the fluctuating costs of raw
materials; our ability to expand internationally in light of our limited
operating experience and limited brand recognition in new international
markets; our ability to deliver our products to the market and to meet
guest expectations if we have problems with our distribution system;
imitation by our competitors; our ability to protect our intellectual
property rights; changes in tax laws or unanticipated tax liabilities;
our ability to manage our growth and the increased complexity of our
business effectively; our ability to cancel store leases if an existing
or new store is not profitable; our ability to source our merchandise
profitably or at all if new trade restrictions are imposed or existing
trade restrictions become more burdensome; increasing labor costs and
other factors associated with the production of our products in South
and
South East Asia
; the operations of many of our suppliers are subject
to international and other risks; our ability to successfully open new
store locations in a timely manner; our ability to comply with trade and
other regulations; the continued service of our senior management;
seasonality; fluctuations in foreign currency exchange rates; higher
than anticipated costs and our ability to realize the benefits
associated with the restructuring of our ivivva business; conflicting
trademarks and the prevention of sale of certain products; our exposure
to various types of litigation; actions of activist stockholders;
anti-takeover provisions in our certificate of incorporation and bylaws;
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, our 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 we undertake 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 |
|
|
|
|
|
|
|
Quarter Ended |
|
Three Quarters Ended |
|
|
October 29
,
2017
|
|
October 30
,
2016
|
|
October 29
,
2017
|
|
October 30
,
2016
|
|
Net revenue
|
|
$
|
619,018
|
|
|
$
|
544,416
|
|
|
$
|
1,720,379
|
|
|
$
|
1,554,452
|
|
|
Costs of goods sold
|
|
297,056
|
|
|
265,990
|
|
|
844,100
|
|
|
782,734
|
|
|
Gross profit
|
|
321,962
|
|
|
278,426
|
|
|
876,279
|
|
|
771,718
|
|
| As a percent of net revenue |
|
52.0 |
% |
|
51.1 |
% |
|
50.9 |
% |
|
49.6 |
% |
|
Selling, general and administrative expenses
|
|
215,367
|
|
|
185,451
|
|
|
640,032
|
|
|
547,195
|
|
| As a percent of net revenue |
|
34.8 |
% |
|
34.1 |
% |
|
37.2 |
% |
|
35.2 |
% |
|
Asset impairments and restructuring costs
|
|
21,007
|
|
|
—
|
|
|
36,524
|
|
|
—
|
|
| As a percent of net revenue |
|
3.4 |
% |
|
— |
% |
|
2.1 |
% |
|
— |
% |
|
Income from operations
|
|
85,588
|
|
|
92,975
|
|
|
199,723
|
|
|
224,523
|
|
| As a percent of net revenue |
|
13.8 |
% |
|
17.1 |
% |
|
11.6 |
% |
|
14.4 |
% |
|
Other income (expense), net
|
|
1,052
|
|
|
628
|
|
|
2,771
|
|
|
720
|
|
|
Income before income tax expense
|
|
86,640
|
|
|
93,603
|
|
|
202,494
|
|
|
225,243
|
|
|
Income tax expense
|
|
27,696
|
|
|
25,318
|
|
|
63,593
|
|
|
57,997
|
|
|
Net income
|
|
$
|
58,944
|
|
|
$
|
68,285
|
|
|
$
|
138,901
|
|
|
$
|
167,246
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.44
|
|
|
$
|
0.50
|
|
|
$
|
1.02
|
|
|
$
|
1.22
|
|
|
Diluted earnings per share
|
|
$
|
0.43
|
|
|
$
|
0.50
|
|
|
$
|
1.02
|
|
|
$
|
1.22
|
|
|
Basic weighted-average shares outstanding
|
|
135,364
|
|
|
137,033
|
|
|
136,191
|
|
|
137,095
|
|
|
Diluted weighted-average shares outstanding
|
|
135,578
|
|
|
137,237
|
|
|
136,357
|
|
|
137,321
|
|
| lululemon athletica inc. |
Condensed Consolidated Balance Sheets |
Unaudited; Expressed in thousands |
|
|
|
|
|
|
|
October 29
,
2017
|
|
January 29
,
2017
|
| ASSETS |
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
650,054
|
|
|
$
|
734,846
|
|
Inventories
|
|
396,892
|
|
|
298,432
|
|
Prepaid and receivable income taxes
|
|
77,625
|
|
|
81,190
|
|
Other current assets
|
|
63,777
|
|
|
48,269
|
|
Total current assets
|
|
1,188,348
|
|
|
1,162,737
|
|
Property and equipment, net
|
|
440,403
|
|
|
423,499
|
|
Goodwill
and intangible assets, net
|
|
24,476
|
|
|
24,557
|
|
Deferred income taxes and other non-current assets
|
|
67,222
|
|
|
46,748
|
|
Total assets
|
|
$
|
1,720,449
|
|
|
$
|
1,657,541
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable
|
|
$
|
14,113
|
|
|
$
|
24,846
|
|
Accrued inventory liabilities
|
|
23,420
|
|
|
8,601
|
|
Accrued compensation and related expenses
|
|
62,387
|
|
|
55,238
|
|
Income taxes payable
|
|
4,403
|
|
|
30,290
|
|
Unredeemed gift card liability
|
|
52,500
|
|
|
70,454
|
|
Lease termination liabilities
|
|
12,164
|
|
|
—
|
|
Other accrued liabilities
|
|
71,590
|
|
|
52,561
|
|
Total current liabilities
|
|
240,577
|
|
|
241,990
|
|
Deferred income tax liability
|
|
—
|
|
|
7,262
|
|
Other non-current liabilities
|
|
58,596
|
|
|
48,316
|
|
Stockholders' equity
|
|
1,421,276
|
|
|
1,359,973
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,720,449
|
|
|
$
|
1,657,541
|
| lululemon athletica inc. |
Condensed Consolidated Statements of Cash Flows |
Unaudited; Expressed in thousands |
|
|
|
|
|
Three Quarters Ended |
|
|
October 29
,
2017
|
|
October 30
,
2016
|
|
Cash flows from operating activities
|
|
|
|
|
|
Net income
|
|
$
|
138,901
|
|
|
$
|
167,246
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
(7,592
|
)
|
|
(68,587
|
)
|
|
Net cash provided by operating activities
|
|
131,309
|
|
|
98,659
|
|
|
Net cash used in investing activities
|
|
(120,051
|
)
|
|
(106,168
|
)
|
|
Net cash used in financing activities
|
|
(100,707
|
)
|
|
(25,288
|
)
|
|
Effect of exchange rate changes on cash
|
|
4,657
|
|
|
11,701
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
(84,792
|
)
|
|
(21,096
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
734,846
|
|
|
501,482
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
650,054
|
|
|
$
|
480,386
|
|
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 in net revenue, total comparable sales, comparable
store sales, and direct to consumer net revenue show the net change for
the third quarter of fiscal 2017 compared to the third quarter of fiscal
2016.
|
|
Net Revenue |
|
Total
Comparable
Sales1,2
|
|
Comparable
Store
Sales2
|
|
Direct to
Consumer Net
Revenue
|
|
Increase
|
|
14%
|
|
8%
|
|
2%
|
|
26%
|
|
Adjustments due to foreign exchange rate changes
|
|
(2)
|
|
(1)
|
|
(1)
|
|
(1)
|
|
Increase in constant dollars
|
|
12%
|
|
7%
|
|
1%
|
|
25%
|
__________
| 1 |
|
Total comparable sales includes comparable store sales and direct to
consumer sales.
|
| 2 |
|
Comparable store sales reflects net revenue from company-operated
stores that have been open for at least 12 months, or open for at
least 12 months after being significantly expanded.
|
Adjusted financial measures
The following table reconciles adjusted financial measures with the most
directly comparable measures calculated in accordance with GAAP:
|
|
Quarter Ended
October 29, 2017
|
|
Quarter Ended
October 30, 2016
|
|
|
GAAP Results
|
|
Adjustments |
|
Adjusted
Results
(Non-GAAP)
|
|
GAAP Results
|
|
Adjustments |
|
Adjusted
Results
(Non-GAAP)
|
|
Gross profit1
|
|
$
|
321,962
|
|
|
$
|
1,178
|
|
|
$
|
323,140
|
|
|
$
|
278,426
|
|
|
$
|
—
|
|
|
$
|
278,426
|
|
|
Gross margin1
|
|
52.0
|
%
|
|
0.2
|
%
|
|
52.2
|
%
|
|
51.1
|
%
|
|
—
|
%
|
|
51.1
|
%
|
|
Income from operations1,2
|
|
85,588
|
|
|
22,186
|
|
|
107,774
|
|
|
92,975
|
|
|
—
|
|
|
92,975
|
|
|
Operating margin1,2
|
|
13.8
|
%
|
|
3.6
|
%
|
|
17.4
|
%
|
|
17.1
|
%
|
|
—
|
%
|
|
17.1
|
%
|
|
Income before income tax
expense1,2,3
|
|
86,640
|
|
|
22,185
|
|
|
108,825
|
|
|
93,603
|
|
|
186
|
|
|
93,789
|
|
|
Income tax expense3,4
|
|
27,696
|
|
|
5,813
|
|
|
33,509
|
|
|
25,318
|
|
|
4,005
|
|
|
29,323
|
|
|
Effective tax rate3,4
|
|
32.0
|
%
|
|
(1.2
|
)%
|
|
30.8
|
%
|
|
27.0
|
%
|
|
4.3
|
%
|
|
31.3
|
%
|
|
Diluted earnings per
share1,2,3,4
|
|
$
|
0.43
|
|
|
$
|
0.13
|
|
|
$
|
0.56
|
|
|
$
|
0.50
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.47
|
|
__________
|
1
|
|
During the third quarter of fiscal 2017, we recognized costs
totaling
$1.2 million
within cost of goods sold related to the
restructuring of our ivivva operations.
|
| 2 |
|
During the third quarter of fiscal 2017, we recognized asset
impairment and restructuring costs related to the restructuring of
our ivivva operations totaling
$21.0 million
.
|
| 3 |
|
The adjustments in the third quarter of fiscal 2016 relate to our
transfer pricing arrangements, the associated repatriation of
foreign earnings, and net interest costs. These adjustments were
recorded in income tax expense and other income (expense), net.
|
| 4 |
|
The adjustment to income tax expense for the third quarter of fiscal
2017 represents the tax effect of the ivivva related restructuring
adjustments, calculated based on the expected annual tax rate of the
applicable tax jurisdictions.
|
Please refer to Notes 6 and 7 to the unaudited interim consolidated
financial statements included in Item 1 of Part I of our Report on Form
10-Q to be filed with the
SEC
on or about
December 6, 2017
for further
explanation as to the nature of these items.
Adjusted expected gross margin, effective tax rate, and diluted
earnings per share
|
|
|
|
Fiscal Year Ending
January 28, 2018
|
|
Expected gross margin
|
|
|
|
51.9% to 52.4%
|
|
Non-GAAP adjustments1
|
|
|
|
0.3
|
|
Adjusted expected gross margin
|
|
|
|
52.2% to 52.7%
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ending
January 28, 2018
|
|
Expected effective tax rate
|
|
|
|
30.9%
|
|
Non-GAAP adjustments1
|
|
|
|
(0.5)
|
|
Adjusted expected effective tax rate
|
|
|
|
30.4%
|
|
|
|
|
|
|
|
Quarter Ending
January 28, 2018
|
|
Fiscal Year Ending
January 28, 2018
|
|
Expected diluted earnings per share range
|
|
$1.18
to
$1.21
|
|
$2.20
to
$2.23
|
|
Non-GAAP adjustments1
|
|
0.01
|
|
0.25
|
|
Adjusted expected diluted earnings per share range
|
|
$1.19
to
$1.22
|
|
$2.45
to
$2.48
|
__________
| 1 |
|
These adjustments relate to the restructuring of our ivivva
operations. Please refer to Note 6 to the unaudited interim
consolidated financial statements included in Item 1 of Part I of
our Report on Form 10-Q to be filed with the
SEC
on or about
December 6, 2017
for further explanation as to the nature of these
items.
|
| lululemon athletica inc. |
Store Count and Square Footage |
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
Quarter3
|
|
Number of
Stores Open
at the End of
the
Quarter
|
|
4th Quarter 2016
|
|
389
|
|
17
|
|
—
|
|
406
|
|
1st Quarter 2017
|
|
406
|
|
5
|
|
—
|
|
411
|
|
2nd Quarter 2017
|
|
411
|
|
11
|
|
1
|
|
421
|
|
3rd Quarter 2017
|
|
421
|
|
17
|
|
50
|
|
388
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross
Square Feet at
the Beginning
of
the Quarter
|
|
Gross Square
Feet Added
During the
Quarter2
|
|
Gross Square
Feet Lost
During the
Quarter2,
3
|
|
Total Gross
Square Feet at
the End of
the
Quarter
|
|
4th Quarter 2016
|
|
1,144
|
|
47
|
|
1
|
|
1,190
|
|
1st Quarter 2017
|
|
1,190
|
|
14
|
|
—
|
|
1,204
|
|
2nd Quarter 2017
|
|
1,204
|
|
37
|
|
3
|
|
1,238
|
|
3rd Quarter 2017
|
|
1,238
|
|
43
|
|
89
|
|
1,192
|
__________
| 1 |
|
Store count and square footage summary includes company-operated
stores which are branded
lululemon
or ivivva. 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.
|
| 3 |
|
On
August 20, 2017
, as part of the restructuring of its ivivva
operations, the Company closed 48 of its 55 ivivva branded
company-operated stores. The seven remaining ivivva branded stores
remain in operation and are not expected to close.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171206006211/en/
Investor:
ICR, Inc.
Joseph Teklits
/
Caitlin Morahan
203-682-8200
or
Media:
Brunswick
Laura
Buchanan / Ash Spielgelberg
+44 7974 982492 / 214-205-6805
or
lululemon athletica
inc.
Allison Reid
, VP Corporate Communications
+44 7983 026340
Source:
lululemon athletica
inc.