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lululemon athletica inc. (LULU) has submitted its 10-Q filing for the quarterly period ended October 27, 2024.
The filing reports net revenue of $2.4 billion for the third quarter of 2024, an increase of 9% from the same period in 2023. On a constant dollar basis, net revenue increased by 8%.
Comparable sales increased by 4%, with a 27% increase in China Mainland, a 23% increase in the Rest of World, and a 2% decrease in the Americas. Gross profit for the quarter was $1.4 billion, up 12% from the previous year.
Income from operations rose to $490.7 million, a 45% increase from the third quarter of 2023. The operating margin increased by 520 basis points to 20.5%.
The company reported net income of $351.9 million, a 41.5% increase from the previous year. Diluted earnings per share were $2.87, compared to $1.96 in the third quarter of 2023.
lululemon's cash and cash equivalents at the end of the period were $1.2 billion, with a decrease in cash provided by operating activities to $871.3 million from $912.1 million in the same period last year.
The company repurchased 1.6 million shares during the quarter at an average price of $266.86 per share, under its stock repurchase program.
The filing also discusses the company's acquisition of lululemon branded retail locations in Mexico and the impact of macroeconomic conditions, including inflation and foreign currency fluctuations, on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the lululemon athletica inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.