Strong guests' response to our merchandise offering and improving store trends and continued strength in e-commerce fueled our growth, and contributed to our increased outlook for the year, which I will take you through in a moment. In our digital channel, revenues increased 66% on a two-year CAGR basis, above our expectations of approximately 55% growth. Industry. The data we automatically collect includes your IP address, browser type, access times, pages viewed, the frequency of your visits to our websites, the routes by which you access our websites, and your use of any hyperlinks available on our websites. Vendor Code of Ethics; Conducting Assessments & Remediation; Working With Our Suppliers to Create Meaningful Change; Programs to Build Better VANCOUVER, British Columbia And you've heard me say this before, this brand is early innings across products with activities, where we focus on run train yoga in OTM, categories within those activities, and both our men's and women's business. We expect our adjusted effective tax rate for the year to be similar to 2020. 2019, Selling, general and administrative expenses, Basic weighted-average shares outstanding, Diluted weighted-average shares outstanding, Goodwill Embrace hands-free happiness with our edit of bags for workouts and hangouts. Square Feet at How we protected our teams reflects the unique culture and values of lululemon, Be first to know about our newest products, limited-time offers, community events, and more. Productivity in stores returned to 2019 levels, representing continued improvement versus 88% productivity we realized in Q1 of this year. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Thanks for signing up, youll soon start getting the inside scoop on the latest gear, our favourite workouts, events and much more. How's the margin profile of the sustainable product look versus the current assortment? I guess, I imagine it was a challenge to get reads on the tests given everything that's been going on in the last 18 months, but I mean do you still see an opportunity to have a loyalty program that exists outside of the MIRROR platform or what form might that take? For more information and to view the 2020 Impact Agenda, click here. Turning to our balance sheet highlights, we ended the quarter with $1.6 billion of total liquidity. In this case, we will ask for your specific consent. We've shared and continue to see our brand gaining market share across categories, men's and women's. Drivers of the deleverage versus 2019 include consolidation of MIRROR's results this year but not in 2019, increased investments in brand-building for our growth initiatives and higher depreciation due to accelerating investment to support our e-commerce business in 2020 and 2021. And in terms of breakeven, we haven't put a fine point on that, but we are focused as Calvin mentioned, unrolling and initiatives for 2021, including store ramps, Canada entry, and e-commerce, let's say, rebound. on or about This year, we will likely achieve the goal we set to double our men's business, and we remain on track to quadruple our international business by 2023, if not sooner. for the fourth quarter. Quarter. During this call, we will present both GAAP and non-GAAP financial measures. The presentations will be broadcast live over the internet beginning at 9:00 AM ET and can be accessed on the investor relations section of Company's website, www.lululemon.com. Check your inbox: your 10% off code is on its way. And you want that in these types of membership programs to drive that loyalty. For Q2, total net revenue increased 61% to $1.5 billion, above our expectations of $1.3 million to $1.33 billion. And I am pleased to now hand it over to Celeste, who will share some additional details with you on our stores and e-commerce business. Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecast of certain aspects of Lululemon future. Is that -- some -- the gross margin happens to be a lot higher without some of these supply chain pressures and some of this is just cyclical than structural? the Quarter, Total Gross , The next question comes from Brooke Roach with Goldman Sachs. These statements are based on management's current expectations but they involve a number of risks and uncertainties. As of January 30, 2022, it operated 574 company-operated stores under the lululemon brand in the United States, Canada, the People's Republic of China, Australia, the United Kingdom, Japan, New Zealand, Germany, South Korea, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, and Switzerland. Constant dollar changes in net revenue, total comparable sales, comparable store sales, and direct to consumer net revenue, and the adjusted financial results are non-GAAP financial measures. This was never more true than last year during the pandemic. The event was featured in an . In our store channel, sales increased 9% on a two-year CAGR basis, above our expectations of approximately flat. People Who Make Our Products Sub Navigation. Calvin, I guess my question is with lead times that are generally six months plus, I'm wondering if you can give us some more details on the amount of exposure that you have maybe to Vietnam. Achieving strong sales results through the team and . We have our eyes on the long game with MIRROR and the community we're building. One, the membership test, we learned a lot. $1.4 billion Congrats on all the momentum. I'll handle the first half and then handle the second part to your question on breakeven over to Meghan. Events & Presentations: Quarterly Reports: Annual Reports: SEC Filings: End of Day Stock Quote: Unsubscribe . Yeah, no. Best of luck to the holidays. August 4, 2020. Our success was our people, and honouring commitments to our landlords and vendors. Thanks, Jay. On June 29, 2020, Lululemon announced its intention not to be left behind. EVP Celeste Burgoyne makes a pledge to offer leading mental wellbeing benefits to employees. Square footage increased 8% versus last year, driven by the addition of 28 net new stores since Q2 of 2020. The US$500-million acquisition of Mirror was an "an important step in our strategy," said CEO McDonald. To make the world smarter, happier, and richer. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Foreign We continue to expect capital expenditures to be approximately $365 million to $375 million in 2021. is just kind of what you thought? As we've mentioned, we're seeing some delayed inventory receipts due to issues at the ports and also the recent COVID-related closures of certain factories in Southern Vietnam. Let me now share with you the details of our Q2 performance. Meghan will have more to share regarding inventory and costs in a few moments. So I think the -- I know the TAM has been impacted by those macro trends. And we always had visions of being able to bring that to the digital platform. Twelve commitments detail specific actions across a range of global issues including diversity and inclusion, mental wellbeing, climate change, and circularity. Traffic was strong and increased over 150% versus last year. SEC b. Company-operated store count and square footage summary excludes retail locations operated by third parties under license and supply arrangements. And how do you think that the overall environment will respond to a situation where everybody is being challenged by supply chain issues in Asia? A right of erasure: You have the right to request that we delete personal data about you. Sumner, WA. The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website at www. The direct-to-consumer channel, including e-commerce and mobile sales, made up 54% of total revenue. It seems like most of this is cyclical and much of this can be recovered fairly quickly as the supply chain begins to open up. Thank you, Calvin. I will now turn it over to Meghan. Here you will find key information and financial reports, putting the performance of lululemon athletica inc into perspective for you. compared to Beginning of for further information on these adjustments. The company also sells fitness accessories, such as bags, yoga mats, and equipment. It's a powerful and distinctive companion to our hugely successful Align product line and we will further solidify our leadership position within the yoga category. We also transfer personal data to service providers that process personal data for us in the United States, Canada and other locations (as an example, Amazon Web Services process information for us in various data center locations, including those listed at HTTPS://AWS.AMAZON.COM/ABOUT-AWS/GLOBAL-INFRASTRUCTURE/). We believe continue to be unique differentiators and drivers of the brand and have obviously been in place and fuel the growth that we've seen so far. We achieved doubling our e-commerce business last year. Dec 10, 2020. Those interested . Toronto, Canada Area. Reform, Fiscal Year Ended I wanted to follow up on the international business and the momentum that you're seeing there. Still, with the stock trading at a frothy price-to-earnings (P/E) ratio of 64 times forward earnings estimates, some investors might be tempted to lock in a big short-term gain. And in terms of overall international profitability, we are profitable overall on international, and still, see a lot of opportunities there relative to the maturation of the international business in terms of its comparison to North America, particularly pleased with the growth rate we're experiencing in China, and see opportunities for both revenue and gross margin expansion and operating margin as that business expands. You said you were back in 2019 levels in the second quarter, which was ahead of plan, how are you planning for productivity for open stores in the back half? Lululemon expects fiscal third-quarter revenue in a range of $1.4 billion to $1.43 billion, with adjusted earnings per share of between $1.33 and $1.38. lululemon makes major five commitments to support the Black Lives Matter movement and meaningful, lasting change in the world. I'm very pleased to achieve this milestone faster than we anticipated. And then we also have higher depreciation relative to 2019, just given our investments behind digital and the strength of that business. 10. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Goldman Sachs DTC/Digital Apparel Pop-up Conference Featuring Joanne Crevoiserat and Noam Paransky.
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