lululemon athletica Inc. Q4 FY2023 results: revenue $3.2 billion, up 15.6% on the year

lululemon athletica Inc. (LULU) reported revenue of $3.2 billion for Q4 FY2023, the quarter ended 28 January 2024, up 15.6% on the same quarter a year earlier. Net income was $669 million, up 458.8% on the year, and diluted earnings per share $5.28. The figures are the company's own, from the 10-K it filed with the SEC on 21 March 2024.

Revenue$3.2 billionup 15.6%

Net income$669 millionup 458.8%

Diluted EPS$5.28

QuarterQ4 FY2023ended 28 January 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,205	2,204	n/a	n/a
Cost of revenue	1,302	948	n/a	n/a
Gross profit	1,903	1,257	n/a	n/a
Gross margin	59.4%	57.0%	n/a
Selling, general and administrative	990	843	n/a	n/a
Operating income	914	338	n/a	n/a
Operating margin	28.5%	15.3%	n/a
Pre-tax income	932	348	n/a	n/a
Income tax	262	99.2	n/a	n/a
Effective tax rate	28.1%	28.5%	n/a
Net income	669	249	n/a	n/a
Net margin	20.9%	11.3%	n/a
Diluted EPS	$5.28	$1.96	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,384	390	n/a	n/a
Capital expenditure	207	163	n/a	n/a
Free cash flow	1,178	227	n/a	n/a
Free cash flow margin	36.7%	10.3%	n/a
Depreciation and amortisation	103	98.0	n/a	n/a
Share-based compensation	23.4	24.6	n/a	n/a
Buybacks	54.0	213	n/a	n/a
Diluted shares, weighted	127m	127m	n/a	n/a
Shares outstanding at period end	121m	121m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	7,092	6,022	n/a	n/a
Cash and equivalents	2,244	1,091	n/a	n/a
Receivables	125	107	n/a	n/a
Inventory	1,324	1,664	n/a	n/a
Goodwill	24.1	23.9	n/a	n/a
Operating lease liabilities	1,154	951	n/a	n/a
Shareholders' equity	4,232	3,526	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,204	3,205	2,209	2,371	2,397	3,611	2,371	2,525	2,566	3,641	2,472	2,416
Cost of revenue	948	1,302	934	959	995	1,430	988	1,048	1,140	1,643	1,133	954
Gross profit	1,257	1,903	1,275	1,412	1,402	2,182	1,383	1,477	1,426	1,998	1,339	1,462
Gross margin	57%	59%	58%	60%	58%	60%	58%	58%	56%	55%	54%	61%
SG&A	843	990	842	872	910	1,138	943	952	988	1,184	1,060	1,006
Operating income	338	914	433	540	491	1,042	439	524	436	812	277	454
Operating margin	15%	29%	20%	23%	20%	29%	19%	21%	17%	22%	11%	19%
Pre-tax income	348	932	456	558	504	1,058	450	534	442	813	286	467
Tax rate	29%	28%	30%	30%	30%	29%	30%	30%	31%	28%	32%	30%
Net income	249	669	321	393	352	748	315	371	307	587	195	329
Net margin	11%	21%	15%	17%	15%	21%	13%	15%	12%	16%	8%	14%
Diluted EPS	$1.96	$5.28	$2.54	$3.15	$2.87	$6.08	$2.60	$3.10	$2.59	$4.97	$1.69	$2.92
Operating cash flow	390	1,384	128	443	301	1,401	-119	329	250	1,143	214	375
Capital expenditure	163	207	131	145	178	235	152	178	167	183	127	150
Free cash flow	227	1,178	-3.2	298	122	1,166	-271	151	82.4	960	87.1	225
Buybacks	213	54.0	299	589	413	335	434	281	191	272	362	333
Shares outstanding	121m	121m	120m	119m	117m	116m	115m	114m	113m	111m	109m	107m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 28 January 2024, filed 21 March 2024, accession 0001397187-24-000010: the filing on EDGAR. All of lululemon athletica Inc.'s filings: EDGAR company page.

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