lululemon athletica inc. stock research
FY2023 Q1
lululemon athletica (LULU) Gross Margin — Quarter Ended Apr 30, 2023
Revenue decreased from the prior quarter but increased from the same quarter last year. Gross profit and cost of revenue followed similar directional changes, with gross margin improving in both comparisons.
Gross margin takeaway
Quarter ended Apr 30, 2023 · FY2023 Q1
Revenue decreased from the prior quarter but increased from the same quarter last year. Gross profit and cost of revenue followed similar directional changes, with gross margin improving in both comparisons.
- The gross margin improvement was supported by a lower cost of revenue relative to revenue compared to both the preceding quarter and the year-ago quarter.
- Compared to the immediately preceding quarter, revenue was lower while gross margin was higher. Compared to the same quarter one year earlier, both revenue and gross margin were higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
57.5%
Gross profit
$1.2B
Revenue
$2.0B
Cost of revenue
$850.0M
Quarter-over-quarter change
+2.4 pts
Year-over-year change
+3.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jan 29, 2023 | $2.8B | $1.5B | $1.2B | 55.1% |
| Apr 30, 2023 | $2.0B | $1.2B | $850.0M | 57.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 29, 2023
+2.4 pts
Year-over-year change
May 1, 2022
+3.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement was supported by a lower cost of revenue relative to revenue compared to both the preceding quarter and the year-ago quarter.
Compared to the immediately preceding quarter, revenue was lower while gross margin was higher. Compared to the same quarter one year earlier, both revenue and gross margin were higher.
Monitor inventory levels, which increased from the prior quarter end, as they may influence future cost of revenue.