Lululemon athletica announced financial results for the fourth quarter and fiscal year ended January 29, 2017.
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Net revenue increased 12% to $789.9 million from $704.3 million in the fourth quarter of fiscal 2015. On a constant dollar basis, net revenue increased 12%.
Total comparable sales, which includes comparable store sales and direct to consumer, increased 8%, or by 7% on a constant dollar basis
Comparable store sales increased 6%, or by 6% on a constant dollar basis.
Direct to consumer net revenue increased 12% to $164.3 million, or by 12% on a constant dollar basis.
Gross profit increased 21% to $427.9 million, and as a percentage of net revenue was 54.2% compared to 50.3% in the fourth quarter of fiscal 2015.
Income from operations increased 18% to $196.6 million, and as a percentage of net revenue was 24.9% compared to 23.6% in the fourth quarter of fiscal 2015.
Income tax expense increased to $61.4 million from $49.8 million in the fourth quarter of fiscal 2015, and the effective tax rate was 31.1% compared to 29.8% in the fourth quarter of fiscal 2015.
Excluding certain tax and related interest adjustments, the effective tax rate was 30.6% compared to 29.6% in the fourth quarter of fiscal 2015.
Diluted earnings per share were $0.99 compared to $0.85 in the fourth quarter of fiscal 2015. Excluding certain tax and related interest adjustments, diluted earnings per share were $1.00 compared to $0.85 for the fourth quarter of fiscal 2015.
For the fiscal year ended January 29, 2017:
Net revenue increased 14% to $2.3 billion from $2.1 billion in fiscal 2015. On a constant dollar basis, net revenue increased 14%.
Total comparable sales increased 6%, or by 7% on a constant dollar basis.
Comparable store sales increased 4%, or by 5% on a constant dollar basis. Company-operated stores which have been open for at least one year averaged sales of $1,521 per square foot.
Direct to consumer net revenue increased 13% to $453.3 million, or 13% on a constant dollar basis.
Gross profit increased 20% to $1.2 billion, and as a percentage of net revenue was 51.2% compared to 48.4% in fiscal 2015.
Income from operations increased 14% to $421.2 million, and as a percentage of net revenue, was 18.0% compared to 17.9% in fiscal 2015.
Income tax expense increased to $119.3 million from $102.4 million in fiscal 2015, and the effective tax rate was 28.2% compared to 27.8% for fiscal 2015.
Excluding certain tax and related interest adjustments, the effective tax rate was 30.7% compared to 29.5% for fiscal 2015.
Diluted earnings per share were $2.21 compared to $1.89 in fiscal 2015.
Excluding certain tax and related interest adjustments, diluted earnings per share were $2.14 compared to $1.86 in fiscal 2015. ■