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lululemon athletica (LULU) FY2023 results: revenue $9.6 billion, up 18.6% on the year

lululemon athletica Inc. (LULU) reported revenue of $9.6 billion for fiscal 2023, the year ended 28 January 2024, up 18.6% on the year before. Net income was $1.6 billion, up 81.4%, and diluted earnings per share $12.20. The figures are the company's own, from the 10-K it filed with the SEC on 21 March 2024.

Revenue
$9.6 billion
+18.6% on the year
FY2016FY2023
Operating margin
22.2%
16.4% a year earlier
FY2016FY2023
Net income
$1.6 billion
+81.4% on the year
FY2016FY2023
Diluted EPS
$12.20
+82.6% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue9,6198,1116,257+18.6%
Cost of revenue4,0103,6182,648+10.8%
Gross profit5,6094,4923,609+24.9%
Gross margin58.3%55.4%57.7%
Selling, general and administrative3,3972,7572,225+23.2%
Operating income2,1331,3281,333+60.5%
Operating margin22.2%16.4%21.3%
Pre-tax income2,1761,3331,334+63.3%
Income tax626478359+30.9%
Effective tax rate28.8%35.9%26.9%
Net income1,550855975+81.4%
Net margin16.1%10.5%15.6%
Diluted EPS$12.20$6.68$7.49+82.6%
$ million except per share.
Read moreFree 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow2,2969661,389+137.6%
Capital expenditure652639395+2.1%
Free cash flow1,644328995+401.6%
Free cash flow margin17.1%4.0%15.9%
Cash from investing-654-570-428
Cash from financing-549-467-845
Depreciation and amortisation379292224+30.0%
Share-based compensation93.678.169.1+19.8%
Buybacks559444813+25.8%
Diluted shares, weighted127m128m130m-0.7%
Shares outstanding at period end121m122m123m-0.9%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity4,2323,1492,740+34.4%
Debt0.00.00.0
Operating lease liabilities1,154862692+33.8%
Other liabilities1,7061,5961,510+6.9%
Total liabilities and equity7,0925,6074,942+26.5%
Fixed assets1,5461,270928+21.8%
Goodwill24.124.1387-0.3%
Intangible assets0.022.071.3
Cash and equivalents2,2441,1551,260+94.3%
Receivables12513377.0-6.1%
Inventory1,3241,447966-8.6%
Other assets1,8301,5561,253+17.6%
Total assets7,0925,6074,942+26.5%

10-K for the year ended 28 January 2024, filed 21 March 2024: the filing.