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Lululemon Athletica Inc. Announces QUARTER FISCAL RESULTS

The following excerpt is from the company's SEC filing.

Vancouver, British Columbia –

December 9, 2015

– lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the

quarter ended

November 1, 2015

For the

Net revenue for the quarter

increase

$479.7 million

$419.4 million

in the

quarter of fiscal

Total comparable sales, which includes comparable store sales and direct to consumer,

increased

quarter on a constant dollar basis.

Comparable store sales for the

on a constant dollar basis and direct to consumer revenue

Dir ect to consumer net revenue

$89.3 million

of total Company revenue, in the

of total Company revenues in the

Gross profit for the quarter

$224.8 million

, and as a percentage of net revenue gross profit was

for the quarter compared to

Income from operations for the quarter

decrease

$68.2 million

, and as a percentage of net revenue was

of net revenue in the

The income tax expense for the

$12.1 million

, which includes an income tax recovery of

$7.7 million

related to the Company's transfer pricing arrangements and taxes associated with the repatriation of foreign earnings. In addition, there was a related net interest expense of

$3.6 million

. The tax rate excluding these adjustments was

. The effective tax rate in the

including these tax and related interest adjustments was

Diluted earnings per share for the

were

. Excluding the above tax and related interest adjustments, diluted earnings per share were

During the

, the Company repurchased

1.6 million

shares of the Company's common stock at an average cost of

$55.50

per share.

The Company ended the

$403.4 million

in cash and cash equivalents compared to $633.6 million at the end of the

. Inventory at the end of the

totaled

$357.8 million

compared to $229.9 million at the end of the

. The Company ended the quarter with

stores.

Laurent Potdevin, lululemon's CEO, stated: "We had a solid quarter in line with our expectations underscored by the combination of our product, guest and community initiatives along with tremendous guest reception to major store openings around the world. I would like to personally thank all of our educators who create amazing experiences for our guests every day."

Mr. Potdevin continued: "We’ve implemented critical organizational changes this quarter and now have in place a complete, world-class management team that is aligned with our strategic global priorities focused on design and dedicated to creating long-term value."

Updated Outlook

fourth

, we expect net revenue to be in the range of $670 million to $685 million based on total comparable sales in the mid-single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of $0.75 to $0.78 for the quarter. This guidance assumes 139.0 million diluted weighted-average shares outstanding and a 29.5% tax rate. The guidance does not reflect potential future repurchases of the Company's shares.

For the full fiscal

, we now expect net revenue to be in the range of $2.025 billion to $2.040 billion based on total comparable sales in the high single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range

of $1.81 to $1.84 for the full year, or $1.78 to $1.81 normalized for the tax and related interest adjustments made during the third quarter of fiscal 2015. This guidance assumes 140.9 million diluted weighted-average shares outstanding and a 27.6% tax rate, which includes the above tax adjustments. The guidance does not reflect potential future repurchases of the Company's shares.

Conference Call Information

A conference call to discuss

quarter results is scheduled for today,

, at 9:00 a.m. Eastern time. Those interested in participating in the call are invited to dial 1-877-303-3203 approximately 10 minutes prior to the start of the call. The conference call will also be webcast live at

www.lululemon.com

. The webcast will be accessible on our website for approximately 30 days after the call.

About lululemon athletica inc.

lululemon athletica inc. (NASDAQ:LULU) is a yoga-inspired athletic apparel company with products that create transformational experiences for people to live happy, healthy, fun lives. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit www.lululemon.com.

Non-GAAP Financial Measures

Total comparable sales in constant dollars, comparable store sales in constant dollars, and...


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