lululemon athletica (NASDAQ: LULU) reported Q4 EPS of $1.85, $0.39 worse than the analyst estimate of $2.24. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.38 billion.

For the fourth quarter ended February 2, 2020:

• Net revenue was $1.4 billion, an increase of 20% compared to the fourth quarter of fiscal 2018.
• Total comparable sales increased 20%.
  • Comparable store sales increased 9%.
  • Direct to consumer net revenue increased 41%.
• Gross profit was $810.8 million, an increase of 21% compared to the fourth quarter of fiscal 2018.
• Gross margin was 58.0%, an increase of 70 basis points compared to the fourth quarter of fiscal 2018.
• Income from operations was $416.5 million, an increase of 26% compared to the fourth quarter of fiscal 2018.
• Operating margin was 29.8%, an increase of 140 basis points compared to the fourth quarter of fiscal 2018.
• Income tax expense was $120.6 million compared to $115.8 million in the fourth quarter of fiscal 2018 and the effective tax rate was 28.8% compared to 34.6% for the fourth quarter of fiscal 2018. The adjusted effective tax rate for the fourth quarter of fiscal 2018 was 26.9%.
• Diluted earnings per share were $2.28 compared to $1.65 in the fourth quarter of fiscal 2018. Adjusted diluted earnings per share for the fourth quarter of fiscal 2018 were $1.85.
• The Company repurchased 1.6 thousand shares of its own common stock at an average cost of $194.10 per share in the fourth quarter of fiscal 2019.

Calvin McDonald, Chief Executive Officer, commented: "2019 was a strong year for lululemon, as our teams executed against our Power of Three growth plan. We are now navigating an extraordinary environment, which is currently impacting our business. The strength of our brand and strong financial position will help us manage through the day-to-day, while continuing to effectively plan for and invest in our future." McDonald continued: "I want to thank our people around the globe for the results they delivered in 2019, and for their perseverance and commitment to our brand each and every day."

Fiscal 2020 Outlook

Due to the impact that COVID-19 is having across the globe, and the rapid and continuous developments, we are not providing guidance for fiscal 2020 at this time. We will provide additional updates as the situation warrants.

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