(Lululemon) Shares of Lululemon Athletica rose more than 7% on Wednesday after reporting a revenue of $2.1 billion in the fourth quarter of 2021, an increase of 23% from the prior year.
Lululemon said that its international revenues rose by a higher 35%, compared to an increase of 21% in North America.
Total comparable sales of the company improved by 22%, with comparable-store sales up by 32%.
The company said that the gross profit in the fourth quarter was $1.2 billion, an increase of 22%, but the gross margin fell by 50 basis points to 58.1%. Income from operations rose by 29% to $590.6 million in the fourth quarter.
In FY21, Lululemon announced that its income from operations was $1.3 billion, up by 63%, with the adjusted income from operations up 62% to $1.4 billion. Diluted earnings per share was $7.49, up from $4.50 in 2020.
The company announced it repurchased 2.2 million shares at an average price of $369.16 per share in 2021 for a cost of $812.6 million. The board approved another $1.0 billion buyback.
Lululemon anticipates a lower $1.535 billion to $1.550 billion revenue in the first quarter of 2022, still up 24% to 26% year-over-year.
FY22 revenues are expected at between $7.490 billion to $7.615 billion, up 20% to 22%. Diluted EPS in FY22 is projected at between $91.5 to $9.35.
LULU: NASDAQ is up +7.64%.
