Lululemon announces consistent sales growth
US-based lululemon athletica has announced financial results for the fourth quarter and fiscal year ended January 30, 2011.
Christine Day, lululemon’s CEO, stated: “We ended one of the best years in lululemon’s history with strong Q4 results that extended the consistent sales growth and margin expansion that we enjoyed for each quarter of 2010. The exceptionally strong sell through of our Q4 product line leaves us with short term unmet demand in the first quarter due to a low inventory position.
“However, the strength of our business model and growing guest demand for our product gives us the opportunity to accelerate our store and e-commerce channel growth in 2011. While we will see some cost pressures in 2011, we are confident in our ability to maintain our business model through disciplined management, operating efficiencies and leverage on higher sales.”
For the fourth quarter ended January 30, 2011, net revenue increased 53% to $245.4 million from $160.6 million in the fourth quarter of fiscal 2009.
Comparable stores sales for the fourth quarter increased by 28% on a constant dollar basis. Gross profit for the quarter increased by 66% to $143.5 million, and as a percentage of net revenue gross profit increased to 58.5% for the quarter from 53.9% in the fourth quarter of fiscal 2009.
For the fiscal year ended January 30, 2011, net revenue increased 57% to $711.7 million from $452.9 million in fiscal 2009.
Comparable stores sales for fiscal 2010 increased by 30% on a constant dollar basis, resulting in a record $1,726 sales per square foot as at January 30, 2011.
