lululemon athletica Inc. Q2 FY2024 results: revenue $2.4 billion, up 7.3% on the year

lululemon athletica Inc. (LULU) reported revenue of $2.4 billion for Q2 FY2024, the quarter ended 28 July 2024, up 7.3% on the same quarter a year earlier. Net income was $393 million, up 15.0% on the year, and diluted earnings per share $3.15. The figures are the company's own, from the 10-Q it filed with the SEC on 29 August 2024.

Revenue$2.4 billionup 7.3%

Net income$393 millionup 15.0%

Diluted EPS$3.15

QuarterQ2 FY2024ended 28 July 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,371	2,209	n/a	n/a
Cost of revenue	959	934	n/a	n/a
Gross profit	1,412	1,275	n/a	n/a
Gross margin	59.6%	57.7%	n/a
Selling, general and administrative	872	842	n/a	n/a
Operating income	540	433	n/a	n/a
Operating margin	22.8%	19.6%	n/a
Pre-tax income	558	456	n/a	n/a
Income tax	165	135	n/a	n/a
Effective tax rate	29.6%	29.5%	n/a
Net income	393	321	n/a	n/a
Net margin	16.6%	14.6%	n/a
Diluted EPS	$3.15	$2.54	n/a	n/a

$ million except per share. 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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	443	128	n/a	n/a
Capital expenditure	145	131	n/a	n/a
Free cash flow	298	-3.2	n/a	n/a
Free cash flow margin	12.6%	-0.1%	n/a
Depreciation and amortisation	104	95.8	n/a	n/a
Share-based compensation	21.6	25.8	n/a	n/a
Buybacks	589	299	n/a	n/a
Diluted shares, weighted	125m	126m	n/a	n/a
Shares outstanding at period end	119m	120m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	6,744	6,828	n/a	n/a
Cash and equivalents	1,610	1,901	n/a	n/a
Receivables	126	126	n/a	n/a
Inventory	1,429	1,345	n/a	n/a
Goodwill	23.9	24.0	n/a	n/a
Operating lease liabilities	1,181	1,148	n/a	n/a
Shareholders' equity	4,032	4,220	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-Q for the period ended 28 July 2024, filed 29 August 2024, accession 0001397187-24-000034: the filing on EDGAR. All of lululemon athletica Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install