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For the full year, we continue to forecast adjusted gross margin to increase between 190 to 210 basis points versus 2022. The expansion relative to last year is driven predominantly by lower air freight expense.
For the full year, we now expect airfreight to be down approximately 220 basis points versus 2022. When looking at markdowns for the full year, we continue to expect them to be relatively in line with last year in 2019.
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2024 Q3
26 Dec 23
We also saw 10 basis points of unfavorable impact from foreign exchange.
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2024 Q3
26 Dec 23
The adjusted gross profit rate in Q3 increased 220 basis points versus last year and was driven primarily by the following: a 250 basis point increase in overall product margin driven primarily by lower freight costs as well as lower air freight usage. Fixed costs deleveraged 20 basis points in the quarter.
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2024 Q3
26 Dec 23
driven by lower freight costs and lower markdowns
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10-Q
2023 Q3
7 Dec 23
partially offset by higher markdowns and higher inventory provisions and damages
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10-Q
2023 Q3
7 Dec 23
traffic was also strong across both channels with stores up over 30% and e-comm up approximately 30%
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2023 Q1
12 Jul 23
in quarter one, transactions by existing guests increased 22% and our transactions by new guests increased 28%
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2023 Q1
12 Jul 23
in terms of AUR, we're not expecting any material change to our AUR strategy in terms of the assortment
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2023 Q1
12 Jul 23
For the full-year, we now forecast gross margin to increase between 180 to 200 basis points versus 2022. The expansion relative to last year is driven predominantly by lower airfreight expense.
For the full-year, we now expect airfreight to be down approximately 190 basis points versus 2022. When looking at markdowns for the full-year, we continue to expect them to be relatively in line with last year in 2019.
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Transcript
2023 Q1
12 Jul 23
The gross profit rate in Q1 increased 360 basis points versus last year and was driven primarily by the following: a 430 basis point increase in product margin, resulting predominantly from lower airfreight as well as regional mix. Markdowns were in line with last year.
Occupancy and depreciation leveraged 10 basis points in the quarter. These improvements were partially offset by a 30 basis point increase in product and supply chain costs driven by ongoing investment in product development and supply chain.
In addition, FX deleveraged by 50 basis points, which was predominantly offset by a 40 basis point FX benefit within SG&A.
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2023 Q1
12 Jul 23
This increase was driven primarily by lower air freight expense, partially offset by higher markdowns in merchandise mix.
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2022 Q4
12 Jul 23
30 basis point increase in product margin
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2022 Q4
12 Jul 23
q
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2022 Q4
12 Jul 23
This is the highest quarterly market share gain we've achieved since we began tracking these numbers in 2020
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2022 Q4
12 Jul 23
In fiscal quarter four, 2022, the adult active apparel industry decreased its U.S. revenue by 5% compared to the same period last year. And over this time period, lululemon gained 2.3 points of market share in the U.S., the most of any brand in this market according to NPD Group's Consumer Tracking service.
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2022 Q4
12 Jul 23
In quarter four, we delivered a nearly 30% increase in transactions by new guests and more than 35% increase in transactions by existing guests.
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2022 Q4
12 Jul 23
In terms of cadence by quarter, I had mentioned earlier, we have the biggest opportunity in markdowns in Q4, offset by Q1 through Q3. And then in terms of airfreight, our biggest opportunity will be Q1 in the range of 300 basis points to 400 basis points.
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2022 Q4
29 Mar 23
However, what I'd say is we still had a degree of COVID disruption in both Q4 and full year '22, and we were at a 30% growth rate.
We have seen that trend accelerate as we moved out of Q4 and into 2023, particularly Q1.
So we are above that 30% growth.
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2022 Q4
29 Mar 23
We own our distribution center in Columbus, Ohio, and lease our other distribution facilities
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10-K
2021 FY
24 Mar 23
produced 57% of our products in 2021
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10-K
2021 FY
15 Dec 22