Shares of Lululemon Athletica inc. (NASDAQ:LULU) ended Friday session in red amid volatile trading. The shares closed down -0.54 points or -0.82% at $65.19 with 1.52 million shares getting traded. Post opening the session at $65.73, the shares hit an intraday low of $65.12 and an intraday high of $65.96 and the price vacillated in this range throughout the day. The company has a market cap of $8.98 billion and the numbers of outstanding shares have been calculated to be 127.26 million shares.
Lululemon Athletica inc. (LULU) on September 2, 2016 announced financial results for the second quarter ended July 31, 2016.
For the second quarter ended July 31, 2016:
- Net revenue increased by 14% to $514.5 million from $453.0 million in the second quarter of fiscal 2015, or increased by 15% on a constant dollar basis.
- Total comparable sales, which includes comparable store sales and direct to consumer, increased by 4%, or by 5% on a constant dollar basis.
- Comparable store sales increased by 3%, or by 4% on a constant dollar basis.
- Direct to consumer net revenue increased by 6% to $87.4 million, or by 7% on a constant dollar basis. In the second quarter of fiscal 2015 we held an online warehouse sale. Excluding the impact of this online warehouse sale, direct to consumer net revenue would have increased by 16%.
- Gross profit increased by 20% to $254.2 million, and as a percentage of net revenue gross profit was 49.4% compared to 46.8% in the second quarter of fiscal 2015.
- Income from operations increased by 11% to $74.0 million from $66.6 million in the second quarter of fiscal 2015, and as a percentage of net revenue was 14.4% compared to 14.7% of net revenue in the second quarter of fiscal 2015.
- Income tax expense was $20.9 million, which included a net income tax recovery of $1.9 million related to the Company’s transfer pricing arrangements and the associated plan to repatriate foreign earnings. In addition, there was a related net interest expense of $0.3 million. The effective tax rate in the second quarter of fiscal 2016 was 28.1% compared to 29.3% in the second quarter of fiscal 2015. Excluding the above tax and related interest adjustments, the effective tax rate was 30.5% in the second quarter of fiscal 2016.
- Diluted earnings per share for the second quarter of fiscal 2016 were $0.39 compared to $0.34 in the second quarter of fiscal 2015. Excluding the above tax and related interest adjustments, diluted earnings per share were $0.38 for the second quarter of fiscal 2016.
- During the second quarter of fiscal 2016, the Company repurchased 0.2 million shares of the Company’s common stock at an average cost of $63.65 per share, completing our approved stock repurchase program.
Shares of Foot Locker, Inc. (NYSE:FL) ended Friday session in red amid volatile trading. The shares closed down -0.02 points or -0.03% at $67.07 with 1.41 million shares getting traded. Post opening the session at $66.69, the shares hit an intraday low of $66.56 and an intraday high of $67.70 and the price vacillated in this range throughout the day. The company has a market cap of $9.01 billion and the numbers of outstanding shares have been calculated to be 133.25 million shares.
On Sept. 13, 2016 Foot Locker, Inc. (FL), the New York-based specialty athletic retailer, in collaboration with PENSOLE Footwear Design Academy and ASICS America, revealed the winning sneaker design developed during the first “Fueling the Future of Footwear” Master Class. Foot Locker will sell only 300 pairs of this exclusive, limited-edition ASICS GEL-Lyte III® “PENSOLE Reflect” design starting Sept. 17 at select Foot Locker locations, including:
- New York – 112 West 34th Street
- Los Angeles – 8500 Beverly Boulevard
- London – 283 Oxford Street
- Paris – 4-6 Rue Pierre Lescot
- Milano – Corso Vittorio Emanuele II, 24/28
- Toronto – 247 Yonge Street South
- Tigard, Ore. – 9459 SW Washington Square Road
Together, the brands selected 18 students out of 1,400 applicants with skill sets across design, engineering and business to compete in six teams and create a new silhouette for the ASICS GEL-Lyte III sneaker. The three-week design course, which took place in July 2015, featured an intense competition built upon Foot Locker’s commitment to delivering the freshest, athletic-inspired footwear and PENSOLE’s “learn by doing” footwear design process. The winning team created a compelling custom design for the iconic ASICS GEL-Lyte III sneaker.
“Through our partnership with PENSOLE, we are committed to fostering innovation and creativity in the next generation of footwear designers and we are thrilled to debut our first winning ASICS design,” said Andy Gray, vice president and general manager of Foot Locker U.S. “Offering this special, limited-edition ASICS GEL-Lyte III design created by a team of fashion-forward thinkers truly demonstrates the core of everything Foot Locker stands for: delivering the freshest and most innovative products to our customers.”