CANADA: Lululemon Athletica Inc. reports increase in Q3 net profit

VANCOUVER: Lululemon Athletica Inc. today announced financial results for the three months ended October 31, 2007. Net revenue increased 84% to $66.2 million from $36.0 million for the third quarter of fiscal 2006. Net revenue from corporate-owned stores was $59.9 million, an increase of 106% from $29.1 million for the third quarter of fiscal 2006, with comparable-store sales increasing 36% or 26% on a constant dollar basis.

Lululemon Athletica is a yoga-inspired athletic apparel company that creates components for people to live longer, healthier and more fun lives.

Gross profit as a percentage of net revenue increased 210 basis points to 54.2% of net revenue from 52.1% of net revenue in the third quarter of fiscal 2006.
Income from operations was $11.8 million, or 17.9% of net revenue, compared to $4.7 million, or 13.1% of net revenue, in the third quarter of fiscal 2006.

Diluted earnings per share were $0.11 on net income of $7.6 million, compared to diluted earnings per share of $0.02 on net income of $1.7 million in the third quarter of fiscal 2006.

For the nine months ended October 31, 2007 net revenue increased 75% to $169.6 million from $96.7 million in the first nine months of fiscal 2006. Net revenue from corporate-owned stores was $151.0 million, an increase of 93% from $78.1 million for the same period in fiscal 2006, with comparable-store sales increasing 30% or 24% on a constant dollar basis.

Gross profit as a percentage of net revenue increased 210 basis points to 53.0% of net revenue from 50.9% of net revenue in the first nine months of fiscal 2006.

Income from operations was $28.4 million, or 16.8% of net revenue, compared to $14.0 million, or 14.5% of net revenue, in the first nine months of fiscal 2006.
Diluted earnings per share were $0.23 on net income of $16.2 million, compared to diluted earnings per share of $0.10 on net income of $6.8 million the first nine months of fiscal 2006.

For fiscal 2007, lululemon plans to open 27 new stores in North America, including the 17 new stores opened in the first three quarters. The Company expects to open the remaining 10 stores in the fourth quarter of fiscal 2007 and continues to expect 30 to 35 new store openings in fiscal 2008.


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Added: November 30, 2007 Source: Agencies
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