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Table of Contents
18 QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
The following tables present the Company’s unaudited quarterly results of operations for each of the eight fiscal quarters in the period
ended January 29, 2012. You should read the following tables in conjunction with the Company’s audited consolidated financial statements and
related notes appearing elsewhere in this Form 10-K. The Company has prepared the information below on a basis consistent with its audited
consolidated financial statements and has included all adjustments, consisting of normal recurring adjustments, which, in the opinion of the
Company’s management, are necessary to fairly present its operating results for the quarters presented. The Company’s historical unaudited
quarterly results of operations are not necessarily indicative of results for any future quarter or for a full year.
The Company’s quarterly results of operations have varied in the past and are likely to do so again in the future. As such, the Company
believes that comparisons of its quarterly results of operations should not be relied upon as an indication of the Company’s future performance.
74
Fiscal 2011
Fiscal 2010
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
(In thousands) (unaudited)
Consolidated statements of income:
Net revenue
$
371,520
$
230,216
$
212,323
$
186,780
$
245,399
$
175,800
$
152,208
$
138,297
Cost of goods sold
162,502
101,720
90,251
77,096
101,939
78,968
71,910
63,940
Gross profit
209,018
128,496
122,072
109,684
143,460
96,832
80,298
74,357
Operating expenses:
Selling, general and administrative expenses
92,951
68,775
62,589
57,997
71,483
53,869
45,549
41,883
Provision for impairment and lease exit costs
—
—
—
—
679
587
506
—
Income from operations
116,067
59,721
59,483
51,687
71,298
42,376
34,243
32,474
Other income (expense), net
380
619
597
904
542
91
2,092
161
Income before provision for income taxes
116,447
60,340
60,080
52,591
71,840
42,467
36,335
32,635
Provision for income taxes
42,558
21,399
21,462
19,075
16,873
16,532
14,628
13,047
Net income
73,889
38,941
38,618
33,516
54,967
25,935
21,707
19,588
Net income attributable to non
-controlling
interest
371
147
239
144
201
234
(85
)
—
Net income attributable to lululemon athletica
inc.
$
73,518
$
38,794
$
38,379
$
33,372
$
54,766
$
25,701
$
21,792
$
19,588
Net basic earnings per share
$
0.51
$
0.27
$
0.27
$
0.23
$
0.39
$
0.18
$
0.15
$
0.14
Net diluted earnings per share
$
0.51
$
0.27
$
0.26
$
0.23
$
0.38
$
0.18
$
0.15
$
0.14