Companies /Consumer Cyclical

Lululemon Athletica Inc

NASDAQ: LULU Apparel Retail
$94.46
▼ $1.40 (−1.46%) today
Markets closed · 8:58am ET

Q4 2024 Earnings

Reported Mar 27, 2025, 4:10pm ET · SEC source
$6.14
Beat +4.63%
EPS · est. $5.87 GAAP
$3.6B
Beat +0.69%
Revenue · est. $3.6B
−7.4%
Trailing market
LULU vs S&P since report
8 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Mar 27Mar 28report 4:10pm ETearnings−2.3%−7.4%
−5%0+5%+10%Mar 27Mar 28earnings−2.3%−7.4%
LULU −7.4%S&P 500 −2.3%
−6%0+6%Mar 27Mar 28report 4:10pm ETearnings−3.1%−7.4%
−6%0+6%Mar 27Mar 28earnings−3.1%−7.4%
LULU −7.4%NASDAQ −3.1%
−20%0Mar 26Apr 4report 4:10pm ETearnings−11.0%−13.3%
−20%0Mar 26Apr 4earnings−11.0%−13.3%
LULU −13.3%S&P 500 −11.0%
−20%0Mar 26Apr 4report 4:10pm ETearnings−12.2%−13.3%
−20%0Mar 26Apr 4earnings−12.2%−13.3%
LULU −13.3%NASDAQ −12.2%
−14.19%
Day of report
−3.41%
Next session
−10.02%
One week
−7.61%
30 days

S&P 500 over the same 30 days: −0.20%.

Did LULU Beat Earnings? Q4 2024 Results

Lululemon closed fiscal 2024 on a strong note, posting Q4 results that beat Wall Street on both the top and bottom lines as robust international momentum carried the quarter. GAAP diluted EPS of $6.14 topped the $5.87 consensus estimate by 4.63%, rising from $5.29 a year earlier, a comparison made more favorable by $98.21 million in pre-tax lululemon Studio-related charges that weighed on fiscal 2023 but did not recur in 2024. Revenue climbed 12.7% year over year to $3.61 billion, edging past the $3.59 billion consensus, with international comparable sales surging 20% against flat Americas comparable sales, China Mainland alone contributing 46% revenue growth in the quarter. Gross margin expanded 100 basis points to 60.4%, reinforcing the quality of the beat. Looking ahead, however, management's fiscal 2025 revenue guidance of $11.15 billion to $11.30 billion fell short of analyst expectations, with CEO Calvin McDonald acknowledging cautious consumer sentiment and slower U.S. traffic as headwinds the company must navigate through the year ahead.

Key Takeaways
  • International net revenue increased 38% in Q4, or 40% on a constant dollar basis
  • China Mainland Q4 net revenue surged 46% with comparable sales up 26%
  • Gross margin expanded 100 basis points to 60.4% in Q4
  • Company-operated store revenue grew 18% in Q4
  • Men's product category led Q4 growth at 17%
  • Fiscal 2024 was a 53-week year, contributing incremental revenue versus the prior year's 52-week period

“Our fourth quarter results exceeded our expectations as we continued to introduce more newness and innovation into our product assortment. Our performance demonstrates the ongoing strength and resilience of lululemon and is a testament to the passion and dedication of our teams around the world. As we begin 2025, we remain focused on executing on our Power of Three ×2 growth plan and delivering an exciting pipeline of innovation and brand activations for our guests and communities.”

Lululemon CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2025, lululemon expects net revenue of $2.335 billion to $2.355 billion (6%–7% growth) and diluted EPS of $2.53 to $2.58, assuming a tax rate of approximately 30%. For full fiscal year 2025, net revenue is expected to be $11.150 billion to $11.300 billion (5%–7% growth, or 7%–8% excluding the 53rd week of fiscal 2024), with diluted EPS of $14.95 to $15.15 and a tax rate of approximately 30%. Guidance does not reflect potential future share repurchases and does not incorporate future unknown macroeconomic impacts.

LULU YoY Financials

Q4 2024 vs Q4 2023 · SEC filings Q4 2023 Q4 2024
$0$1.0B$2.0B$3.0B$3.2B$3.6BRevenue$1.9B$2.2BGross Profit$913.9M$1.0BOperating Income$669.5M$748.4MNet Income
$0$1.0B$2.0B$3.0BRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.