Lululemon Athletica Reports Strong Q2 FY2024 Results
Lululemon Athletica Inc. has announced solid financial results for Q2 FY2024, ending July 28, 2024, with a 7% increase in net revenue to US$ 2.4 billion. International sales were a key driver, up 29%, while the U.S. saw a modest 1% increase.
The company reported a 9% rise in gross profit to US$ 1.4 billion, with an improved gross margin of 59.6%. Operating income grew by 13% to US$ 540.2 million, and diluted earnings per share increased to US$ 3.15 from US$ 2.68 last year.
CEO Calvin McDonald expressed confidence in Lululemon’s growth strategy, emphasizing strong international performance and continued focus on the U.S. market. CFO Meghan Frank highlighted better-than-expected earnings and disciplined execution.
For Q3 FY2024, Lululemon expects net revenue between US$ 2.340 billion and US$ 2.365 billion and diluted EPS between US$ 2.68 and US$ 2.73. Full-year guidance projects revenue between US$ 10.375 billion and US$ 10.475 billion, with diluted EPS ranging from US$ 13.95 to US$ 14.15.
