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Canada Post strike continues, Canada’s unemployment rate jumps and Air Canada’s new carry-on fees: Must-read business and investing storiesSenate President Cameron Henry, R-Metairie, speaks before the Senate at the state capitol on Friday, November 22, 2024. Javier Gallegos State Sen. Mike Reese, R-Leesville, and Blake Miguez, R-New Iberia, speak at the podium before the Senate at the state capitol on Friday, November 22, 2024. Javier Gallegos State Sen. Alan Seabaugh, R-Many, tells a joke on the Senate floor at the state capitol on Friday, November 22, 2024. Javier Gallegos Facebook Twitter WhatsApp SMS Email Print Copy article link Save Income taxes will drop, sales taxes will rise and a much-maligned tax on corporate assets will disappear under legislation approved by the state Legislature Friday that ends two weeks of debate on how best to refashion Louisiana’s tax system. Final passage of the package during the special legislative session represents a major political victory for Gov. Jeff Landry, although lawmakers bowed to the pressure of special interests and scrapped major portions of his package that sought to eliminate tax breaks to simplify the complicated tax code. “It’s an exciting day for Louisiana,” said Rep. Julie Emerson, R-Carencro, who sponsored major pieces of the legislation and helped shepherd the package through the House. Landry can point to the fact that a majority of Democrats joined Republicans in approving each bill in the package except one. Landry achieved his prize goal of getting legislators to scuttle the graduated individual income tax system — which has a current top rate of 4.25% — for a single 3% rate as of Jan. 1. In conjunction, Louisiana will nearly triple the standard deduction for individual filers to $12,500 at the beginning of 2026. To pay for the tax cuts, legislators had to swallow increasing the state sales tax to 5%, or 1% higher than if they had allowed a temporary sales tax to expire next year. The higher sales tax will last for five years and then drop to 4.75%. Landry had sought to renew the expiring sales tax at just under a half-cent. Louisiana already had the country’s highest sales tax rate, and now a tax that hits the poor hardest will be even higher. Besides Landry, other political winners are Senate President Cameron Henry, R-Metairie, who led the way for the Senate to salvage the tax package after the House balked at approving a bill to extend the sales tax to 41 additional services. This week, Henry shuttled from meetings with Landry, Senate Republicans, Senate Democrats and House Speaker Phillip DeVillier, R-Eunice. Another winner is Richard Nelson, the revenue secretary, the architect of Landry’s plan. Nelson, a former state representative from Mandeville, ran for governor last year but dropped out and supported Landry. Corporate franchise tax repeal Besides the income tax and sales tax changes, legislators also agreed to Landry’s proposal to abolish the .275% corporate franchise tax, a longtime goal of the business community. The 84-16 vote in the House for House Bill 3 marked the only time Friday that a majority of Democrats did not support one of the tax bills. The Senate approved the bill unanimously. The governor’s plan overall will reduce state tax collections and give the biggest dollar savings to the wealthy and large corporations, with Landry saying it will spark an investment boom that will raise family income and reverse the population loss that occurred while John Bel Edwards was governor. Whether families that earn less than $40,000 per year will receive a net tax reduction was not clear Friday, given the sales tax increase. The House and the Senate breezed through the long list of tax bills Friday, with Democrats showing no fight – none went to the microphone to voice their concerns. The centerpiece of Landry’s package – House Bill 10 , which combined the income tax cuts with the sales tax increase – passed the Senate 38-1, with only Sen. Royce Duplessis, D-New Orleans, voting no. HB10 passed the House, 80-19, with 18 Democrats and Rep. Beryl Amedee, R-Gray, voting no. She had said she had made a commitment to not raise the sales tax. It would cut individual income taxes by $1.3 billion and raise $845 million in higher sales taxes. Legislators made up the difference by raiding an infrastructure fund and drastically reducing tax credits that companies can take on their inventory tax payments to parishes. Landry sought to replace the three-tier corporate income tax system with a single 3.5% rate, but legislators established a single 5.5% rate. That will reduce taxes for companies paying at the 7.5% rate, while those at the current lower two rates will receive a higher standard deduction to allow them to avoid having to pay more money, said Sen. Franklin Foil, R-Baton Rouge, who took a lead role in shepherding the package through the Senate. Reducing the top corporate income tax rate – House Bill 2 – won passage in the Senate, 38-1, with Duplessis voting no, and in the House, 90-9. Democrats cast all the no votes. Film tax credit saved Landry wanted to eliminate several tax incentive programs that independent studies show produce a low return on investment for taxpayers. But, after heavy lobbying, lawmakers kept the tax credits for film and TV productions and for renovations of historic property, although at a lower cost to the public. Also, Louisiana joined 44 other states in imposing taxes on digital goods such as streaming and games. Beyond all of those changes, Landry and legislators want to undertake a major rewrite of the state tax code. That will now be up to voters on March 29. Voters will be asked to approve a complicated change to the state constitution that would give a permanent pay raise next year of $2,000 to teachers and $1,000 to support staff – by paying off $2 billion of teacher pension debt. The proposed constitutional amendment would also give parishes the option of repealing the property tax on business inventory, and would double the standard deduction for seniors, take most property tax exemptions out of the constitution and put their fate in the hands of legislators, impose a cap on annual spending and make it harder to create more tax breaks in the future. The amendment also would merge two state savings accounts and, if passed, allow the governor to use some of that money to pay parishes to drop the inventory tax program. Remaining untouched are two popular tax items in the state constitution: the $75,000 homestead exemption and the sales tax exemption for the purchase of groceries, residential utilities and prescription drugs. Landry's goals In an interview Thursday morning, Landry said he had four goals when the special session began the day after this year’s presidential and congressional elections. He wanted to raise teacher pay next year and ensure that Louisiana didn’t have a budget shortfall next year that would lead to cuts in vital government programs. Landry wanted to lift Louisiana’s standing in the State Business Tax Climate Index of The Tax Foundation, a Washington, D.C. nonprofit favored by conservatives. Louisiana is currently 40th and would jump to eighth under the original version of his plan. Because of the changes by legislators, Louisiana would now land among the top 25, Foil said. Landry also wanted to reduce the overall tax bite. In general terms, lawmakers are offsetting the reduction in income taxes with the increase in the state sales tax and other measures. The reduction comes from the repeal of the corporate franchise tax, which will save companies $530 million in the 2026/27 fiscal year. The Landry administration says that won’t cause a budget shortfall and reduce services because revenue from the corporate franchise tax in recent years has flowed into one of the state savings accounts. But Jan Moller, director of Invest in Louisiana, a Baton Rouge nonprofit that favors a progressive income tax system, has said in recent days that eliminating that tax will reduce the money available for government programs because corporate tax revenue has been inflated in recent years. In the immediate aftermath of the special session, local governments emerged as clear winners. They fended off Landry’s attempt to end their ability to impose sales taxes on the sale of machinery and equipment and on prescription drugs. The state does not tax those purchases. Landry was trying to follow the advice of The Tax Foundation, which has given poor marks to Louisiana’s sales tax system in part because of the complication of local governments imposing sales taxes on some purchases that the state does not tax. Needing more money to pay for the income tax cuts, lawmakers voted to not direct $280 million in vehicle sales taxes for two years to three major infrastructure projects: to extend Interstate 49 in Lafayette Parish, to complete the four miles of unbuilt highway on Interstate 49 just south of downtown Shreveport and to build a new bridge over the Mississippi River in metro Baton Rouge. Spending to replace the Interstate 10 bridge over the Calcasieu River will continue. Along with jettisoning Landry’s proposal to extend the sales tax to services, legislators also backed down from trying to revamp tax rates f or oil and gas production . Along a similar vein, state Rep. Roger Wilder, R-Denham Springs, withdrew his bill to triple the tax on sports betting. A group associated with Davante Lewis, a Democratic member of the Public Service Commission, has sent text messages and posted Facebook ads criticizing those who voted for the sales tax increase. In the final minutes of the special session, Rep. Steven Jackson, D-Shreveport, criticized the tactic, saying Democrats shouldn’t face criticism if they support good ideas from a Republican governor.
Kendall Jenner shares glimpse into festive Christmas eve party Kendall Jenner shows off stunning Christmas party look Kendall Jenner got into festive spirit as she shared an insight into her Christmas party. The 29-year-old model took to Instagram on Saturday, December 28th and showed off her holiday look. Kendall donned a bold black sequined frock with sheer black stockings and red heels. The Keeping Up with the Kardashians star painted her lips red and styled her short hair in a Mary Tyler Moore 1960s style. Kendall was seen sitting in a chair ahead of a fireplace with stockings and a decorated Christmas tree behind her. “Put me in your pocket,” she wrote in the caption. The second picture showed her in a different pose as she held a glass of red wine. This comes after Kendall previously shared some snaps from the photo booth at this year’s annual Kardashian-Jenner family Christmas Eve party. This year’s family Christmas party was hosted by the supermodel at her home in Beverly Hills. Squid Game set to wrap up finale with more untold mysteries Blake Lively fires back at Justin Baldoni’s counter lawsuit threat James Gunn firmly tackles fans outcry on renewal of 'Batman 2' release date ‘Harry Potter’ star Emma Watson makes rare appearance during holidays
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec 5, 2024-- lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2024, which ended on October 27, 2024. Calvin McDonald, Chief Executive Officer, stated: "Our performance in the third quarter shows the enduring strength of lululemon globally, as we saw continued momentum across our international markets and in Canada. Looking to the future, we are pleased with the start to our holiday season, and we remain focused on accelerating our U.S. business and growing our brand awareness around the world. Thank you to our dedicated teams for continuing to deliver for our guests and stakeholders." The adjusted non-GAAP financial measures below exclude asset impairment and other charges recognized in relation to lululemon Studio during the third quarter of 2023, and the related income tax effects of these items. For the third quarter of 2024, compared to the third quarter of 2023: Net revenue increased 9% to $2.4 billion, or increased 8% on a constant dollar basis. Americas net revenue increased 2%. International net revenue increased 33%, or 30% on a constant dollar basis. Comparable sales increased 4%, or 3% on a constant dollar basis. Americas comparable sales decreased 2%. International comparable sales increased 25%, or 22% on a constant dollar basis. Gross profit increased 12% to $1.4 billion. Adjusted gross profit increased 9%. Gross margin increased 150 basis points to 58.5%. Adjusted gross margin increased 40 basis points. Income from operations increased 45% to $490.7 million. Adjusted income from operations increased 12%. Operating margin increased 520 basis points to 20.5%. Adjusted operating margin increased 70 basis points. The effective income tax rate for the third quarter of 2024 was 30.2% compared to 28.5% for the third quarter of 2023. The adjusted effective tax rate was 28.1% for the third quarter of 2023. Diluted earnings per share were $2.87 compared to $1.96 in the third quarter of 2023. Adjusted diluted earnings per share were $2.53 in the third quarter of 2023. The Company added 28 new company-operated stores during the third quarter, including 14 company-operated stores from the acquisition of the Mexico operations, ending with 749 stores. Meghan Frank, Chief Financial Officer, stated: "Our third quarter results, which exceeded our expectations, demonstrate the ability of our teams to be agile in a dynamic operating environment. With the majority of the fourth quarter still in front of us, we are focused on deepening engagement with our guests and bringing new consumers into the brand. We are committed to delivering on our Power of Three ×2 revenue target of $12.5 billion in 2026 and look forward to all that lies ahead." Stock Repurchase Program During the third quarter of 2024, the Company repurchased 1.6 million shares of its common stock for a cost of $408.5 million. On December 3, 2024, the board of directors approved a $1.0 billion increase to the Company's stock repurchase program. Including this increase, as of December 5, 2024, the Company had approximately $1.8 billion remaining authorized on its stock repurchase program. Balance Sheet Highlights The Company ended the third quarter of 2024 with $1.2 billion in cash and cash equivalents and the capacity under its committed revolving credit facility was $393.5 million. Inventories at the end of the third quarter of 2024 increased 8% to $1.8 billion compared to $1.7 billion at the end of the third quarter of 2023. 2024 Outlook For the fourth quarter of 2024, the Company expects net revenue to be in the range of $3.475 billion to $3.510 billion, representing growth of 8% to 10%, or 3% to 4% excluding the 53rd week of 2024. Diluted earnings per share are expected to be in the range of $5.56 to $5.64 for the quarter. This assumes a tax rate of approximately 29.5%. For 2024, the Company now expects net revenue to be in the range of $10.452 billion to $10.487 billion, representing growth of 9%, or 7% excluding the 53rd week of 2024. Diluted earnings per share are now expected to be in the range of $14.08 to $14.16 for the year. This assumes a tax rate of approximately 30%. The guidance does not reflect potential future repurchases of the Company's shares. The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and do not incorporate future unknown impacts, including macroeconomic trends. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below. Power of Three ×2 The Company's Power of Three ×2 growth plan calls for a doubling of the business from 2021 net revenue of $6.25 billion to $12.5 billion by 2026. The key pillars of the plan are product innovation, guest experience, and market expansion. Conference Call Information A conference call to discuss third quarter results is scheduled for today, December 5, 2024, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-844-763-8274 or 1-647-484-8814, if calling internationally, approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available online at: https://corporate.lululemon.com/investors/news-and-events/events-and-presentations . A replay will be made available online approximately two hours following the live call for a period of 30 days. About lululemon athletica inc. lululemon athletica inc. (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com . Non-GAAP Financial Measures Constant dollar changes and adjusted financial results are non-GAAP financial measures. A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates. Adjusted gross profit, gross margin, income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio, and the related income tax effects of these items. The Company believes these adjusted financial measures are useful to investors as they provide supplemental information that enable evaluation of the underlying trend in its operating performance, and enable a comparison to its historical financial information. Further, due to the finite and discrete nature of these items, it does not consider them to be normal operating expenses that are necessary to run the business, or impairments or disposal gains that are expected to arise in the normal course of its operations. Management uses these adjusted financial measures and constant currency metrics internally when reviewing and assessing financial performance. The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year. The expected net revenue increase excluding the 53rd week excludes the expected net revenue for the 53rd week of 2024. This enables an evaluation of the expected year-over-year increase in net revenue based on 52 weeks in each year. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or with greater prominence to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures. The Company's non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures reported by other companies. Forward-Looking Statements: This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; changes in consumer shopping preferences and shifts in distribution channels; the acceptability of its products to guests; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; its ability to accurately forecast guest demand for its products; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on a relatively small number of vendors to supply and manufacture a significant portion of its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in South Asia and South East Asia; its ability to safeguard against security breaches with respect to its technology systems; its compliance with privacy and data protection laws; any material disruption of its information systems; its ability to have technology-based systems function effectively and grow its e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding its environmental, social, and governance, or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in its key markets; global or regional health events such as the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; global economic and political conditions; its ability to source and sell its merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in tax laws or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and patents and the prevention of sale of certain products; its exposure to various types of litigation; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov , including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law. lululemon athletica inc. The fiscal year ending February 2, 2025 is referred to as "2024" and the fiscal year ended January 28, 2024 is referred to as "2023". Condensed Consolidated Statements of Operations Unaudited; Expressed in thousands, except per share amounts Third Quarter First Three Quarters 2024 2023 2024 2023 Net revenue $ 2,396,660 $ 2,204,218 $ 6,976,629 $ 6,414,175 Costs of goods sold 995,054 947,554 2,887,770 2,708,195 Gross profit 1,401,606 1,256,664 4,088,859 3,705,980 As a percentage of net revenue 58.5 % 57.0 % 58.6 % 57.8 % Selling, general and administrative expenses 909,827 842,795 2,624,212 2,407,683 As a percentage of net revenue 38.0 % 38.2 % 37.6 % 37.5 % Impairment of assets and restructuring costs — 74,501 — 74,501 Amortization of intangible assets 1,118 1,253 1,118 5,010 Income from operations 490,661 338,115 1,463,529 1,218,786 As a percentage of net revenue 20.5 % 15.3 % 21.0 % 19.0 % Other income (expense), net 13,743 9,842 55,020 25,229 Income before income tax expense 504,404 347,957 1,518,549 1,244,015 Income tax expense 152,534 99,243 452,336 363,293 Net income $ 351,870 $ 248,714 $ 1,066,213 $ 880,722 Basic earnings per share $ 2.87 $ 1.97 $ 8.57 $ 6.94 Diluted earnings per share $ 2.87 $ 1.96 $ 8.55 $ 6.92 Basic weighted-average shares outstanding 122,697 126,460 124,471 126,892 Diluted weighted-average shares outstanding 122,803 126,770 124,668 127,218 lululemon athletica inc. Condensed Consolidated Balance Sheets Unaudited; Expressed in thousands October 27, 2024 January 28, 2024 October 29, 2023 ASSETS Current assets Cash and cash equivalents $ 1,188,419 $ 2,243,971 $ 1,091,138 Inventories 1,800,893 1,323,602 1,663,617 Prepaid and receivable income taxes 257,388 183,733 300,258 Other current assets 358,589 309,271 309,886 Total current assets 3,605,289 4,060,577 3,364,899 Property and equipment, net 1,697,759 1,545,811 1,413,918 Right-of-use lease assets 1,360,589 1,265,610 1,048,607 Goodwill and intangible assets, net 178,185 24,083 23,912 Deferred income taxes and other non-current assets 241,847 195,860 170,928 Total assets $ 7,083,669 $ 7,091,941 $ 6,022,264 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 385,960 $ 348,441 $ 309,324 Accrued liabilities and other 561,615 348,555 392,949 Accrued compensation and related expenses 190,169 326,110 250,479 Current lease liabilities 290,368 249,270 217,138 Current income taxes payable 96,808 12,098 27,231 Unredeemed gift card liability 238,327 306,479 213,256 Other current liabilities 40,286 40,308 37,737 Total current liabilities 1,803,533 1,631,261 1,448,114 Non-current lease liabilities 1,223,733 1,154,012 950,954 Non-current income taxes payable — 15,864 15,864 Deferred income tax liability 33,231 29,522 53,833 Other non-current liabilities 37,440 29,201 27,650 Stockholders' equity 3,985,732 4,232,081 3,525,849 Total liabilities and stockholders' equity $ 7,083,669 $ 7,091,941 $ 6,022,264 lululemon athletica inc. Condensed Consolidated Statements of Cash Flows Unaudited; Expressed in thousands First Three Quarters 2024 2023 Cash flows from operating activities Net income $ 1,066,213 $ 880,722 Adjustments to reconcile net income to net cash provided by operating activities (194,890 ) 31,344 Net cash provided by operating activities 871,323 912,066 Net cash used in investing activities (575,214 ) (445,325 ) Net cash used in financing activities (1,328,510 ) (510,583 ) Effect of foreign currency exchange rate changes on cash and cash equivalents (23,151 ) (19,887 ) Decrease in cash and cash equivalents (1,055,552 ) (63,729 ) Cash and cash equivalents, beginning of period 2,243,971 1,154,867 Cash and cash equivalents, end of period $ 1,188,419 $ 1,091,138 lululemon athletica inc. Reconciliation of Non-GAAP Financial Measures Unaudited; Expressed in thousands, except per share amounts Constant dollar changes The below changes show the change for the third quarter of 2024 compared to the third quarter of 2023. Net Revenue Change Foreign exchange Change in constant dollars United States — % — % — % Canada 9 — 9 Mexico (1) n/a n/a n/a Americas 2 — 2 China Mainland 39 (3 ) 36 Rest of World 27 (4 ) 23 Total international 33 (3 ) 30 Total 9 % (1 )% 8 % Comparable Sales (2) Change Foreign exchange Change in constant dollars Americas (2 )% — % (2 )% China Mainland 27 (3 ) 24 Rest of World 23 (3 ) 20 Total international 25 (3 ) 22 Total 4 % (1 )% 3 % (1) On September 10, 2024, the Company acquired the lululemon branded retail locations and operations run by a third party in Mexico. Wholesale sales to the third party by lululemon athletica canada inc. prior to the acquisition are disclosed as net revenue recognized within Canada. (2) Comparable sales includes comparable company-operated store and e-commerce net revenue. Comparable company-operated stores have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable company-operated stores exclude stores which have been temporarily relocated for renovations or have been temporarily closed. Adjusted financial measures The following tables reconcile adjusted 2023 financial measures with the most directly comparable measures calculated in accordance with GAAP. The adjustments relate to certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio and their related tax effects. Please refer to Note 4. Impairment of Assets and Restructuring Costs included in Item 1 of Part I of the Company's Report on Form 10-Q to be filed with the SEC on or about December 5, 2024 for further information on the nature of these amounts. Third Quarter 2023 Gross Profit Gross Margin Income from Operations Operating Margin Income Tax Expense Effective Tax Rate Net Income Diluted Earnings Per Share GAAP results $ 1,256,664 57.0 % $ 338,115 15.3 % $ 99,243 28.5 % $ 248,714 $ 1.96 lululemon Studio charges: lululemon Studio obsolescence provision 23,709 1.1 23,709 1.1 23,709 0.19 Impairment of assets 44,186 2.0 44,186 0.35 Restructuring costs 30,315 1.4 30,315 0.24 Tax effect of the above 26,085 (0.4 ) (26,085 ) (0.21 ) 23,709 1.1 98,210 4.5 26,085 (0.4 ) 72,125 0.57 Adjusted results (non-GAAP) $ 1,280,373 58.1 % $ 436,325 19.8 % $ 125,328 28.1 % $ 320,839 $ 2.53 First Three Quarters 2023 Gross Profit Gross Margin Income from Operations Operating Margin Income Tax Expense Effective Tax Rate Net Income Diluted Earnings Per Share GAAP results $ 3,705,980 57.8 % $ 1,218,786 19.0 % $ 363,293 29.2 % $ 880,722 $ 6.92 lululemon Studio charges: lululemon Studio obsolescence provision 23,709 0.3 23,709 0.3 23,709 0.19 Impairment of assets 44,186 0.7 44,186 0.35 Restructuring costs 30,315 0.5 30,315 0.24 Tax effect of the above 26,085 (0.2 ) (26,085 ) (0.21 ) 23,709 0.3 98,210 1.5 26,085 (0.2 ) 72,125 0.57 Adjusted results (non-GAAP) $ 3,729,689 58.1 % $ 1,316,996 20.5 % $ 389,378 29.0 % $ 952,847 $ 7.49 Expected net revenue increase excluding the 53rd week The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year. Fourth Quarter 2024 Fiscal 2024 Expected net revenue increase 8% to 10% 9% Impact of 53rd week (5)% to (6)% (2)% Expected net revenue increase excluding the 53rd week (non-GAAP) 3% to 4% 7% lululemon athletica inc. Company-operated Store Count and Square Footage (1) Square footage expressed in thousands Number of Stores Open at the Beginning of the Quarter Number of Stores Opened During the Quarter Number of Stores Closed During the Quarter Number of Stores Open at the End of the Quarter 4 th Quarter 2023 686 26 1 711 1 st Quarter 2024 711 5 5 711 2 nd Quarter 2024 711 11 1 721 3 rd Quarter 2024 721 28 — 749 Total Gross Square Feet at the Beginning of the Quarter Gross Square Feet Added During the Quarter (2) Gross Square Feet Lost During the Quarter (2) Total Gross Square Feet at the End of the Quarter 4 th Quarter 2023 2,797 173 3 2,967 1 st Quarter 2024 2,967 35 14 2,988 2 nd Quarter 2024 2,988 90 3 3,075 3 rd Quarter 2024 3,075 156 — 3,231 (1) (2) View source version on businesswire.com : https://www.businesswire.com/news/home/20241205433612/en/ CONTACT: Investor Contacts: lululemon athletica inc. Howard Tubin 1-604-732-6124 or ICR, Inc. Joseph Teklits/Caitlin Churchill 1-203-682-8200 Media Contact: lululemon athletica inc. Madi Wallace 1-604-732-6124 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: FASHION ONLINE RETAIL RETAIL HEALTH OTHER RETAIL FITNESS & NUTRITION SPECIALTY SOURCE: lululemon athletica inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205433612/en
NoneSaquon Barkley on pace to set Eagles rushing record against Panthers, eyes Dickerson's NFL record
Published 4:18 pm Thursday, November 21, 2024 By Data Skrive The Friday college basketball schedule has plenty of quality competition in store. Our computer model has suggested picks against the spread for 10 games, among them the Louisiana Ragin’ Cajuns taking on the Liberty Flames. Watch men’s college basketball, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up for a free trial. Bet on this or any men’s college basketball matchup at BetMGM. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER .LGBTQ+ rights advocate warns Republicans against focusing on transgender restrictionsJimmy Carter: Many evolutions for a centenarian ‘citizen of the world’
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