lululemon athletica inc. stock research
FY2024 Q1
lululemon athletica (LULU) Gross Margin — Quarter Ended Apr 28, 2024
Revenue and gross profit decreased from the prior quarter but increased compared to the same quarter last year. Gross margin weakened sequentially, while showing a slight improvement year over year, as cost of revenue moved in line with revenue changes.
Gross margin takeaway
Quarter ended Apr 28, 2024 · FY2024 Q1
Revenue and gross profit decreased from the prior quarter but increased compared to the same quarter last year. Gross margin weakened sequentially, while showing a slight improvement year over year, as cost of revenue moved in line with revenue changes.
- The sequential decline in gross margin was associated with cost of revenue decreasing at a slower pace than revenue.
- Compared to the prior quarter, gross margin was lower; compared to the same quarter a year ago, gross margin was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
57.7%
Gross profit
$1.3B
Revenue
$2.2B
Cost of revenue
$933.8M
Quarter-over-quarter change
-1.7 pts
Year-over-year change
+0.2 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 |
|---|---|---|---|---|
| Jul 30, 2023 | $2.2B | $1.3B | $910.7M | 58.8% |
| Oct 29, 2023 | $2.2B | $1.3B | $947.6M | 57.0% |
| Jan 28, 2024 | $3.2B | $1.9B | $1.3B | 59.4% |
| Apr 28, 2024 | $2.2B | $1.3B | $933.8M | 57.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 28, 2024
-1.7 pts
Year-over-year change
Apr 30, 2023
+0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential decline in gross margin was associated with cost of revenue decreasing at a slower pace than revenue.
Compared to the prior quarter, gross margin was lower; compared to the same quarter a year ago, gross margin was slightly higher.
Monitor inventory levels, which increased from the prior quarter end as shown in the balance sheet.