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    lululemon athletica inc. Announces Third Quarter Fiscal 2024 Results

    12/5/24 4:05:00 PM ET
    $LULU
    Apparel
    Consumer Discretionary
    Get the next $LULU alert in real time by email

    Board of Directors Authorizes $1.0 Billion Increase in Its Stock Repurchase Program

    Revenue increased 9% to $2.4 billion

    Comparable sales increased 4%, or 3% on a constant dollar basis

    Diluted EPS of $2.87

    lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2024, which ended on October 27, 2024.

    Calvin McDonald, Chief Executive Officer, stated: "Our performance in the third quarter shows the enduring strength of lululemon globally, as we saw continued momentum across our international markets and in Canada. Looking to the future, we are pleased with the start to our holiday season, and we remain focused on accelerating our U.S. business and growing our brand awareness around the world. Thank you to our dedicated teams for continuing to deliver for our guests and stakeholders."

    The adjusted non-GAAP financial measures below exclude asset impairment and other charges recognized in relation to lululemon Studio during the third quarter of 2023, and the related income tax effects of these items.

    For the third quarter of 2024, compared to the third quarter of 2023:

    • Net revenue increased 9% to $2.4 billion, or increased 8% on a constant dollar basis.
      • Americas net revenue increased 2%.
      • International net revenue increased 33%, or 30% on a constant dollar basis.
    • Comparable sales increased 4%, or 3% on a constant dollar basis.
      • Americas comparable sales decreased 2%.
      • International comparable sales increased 25%, or 22% on a constant dollar basis.
    • Gross profit increased 12% to $1.4 billion. Adjusted gross profit increased 9%.
    • Gross margin increased 150 basis points to 58.5%. Adjusted gross margin increased 40 basis points.
    • Income from operations increased 45% to $490.7 million. Adjusted income from operations increased 12%.
    • Operating margin increased 520 basis points to 20.5%. Adjusted operating margin increased 70 basis points.
    • The effective income tax rate for the third quarter of 2024 was 30.2% compared to 28.5% for the third quarter of 2023. The adjusted effective tax rate was 28.1% for the third quarter of 2023.
    • Diluted earnings per share were $2.87 compared to $1.96 in the third quarter of 2023. Adjusted diluted earnings per share were $2.53 in the third quarter of 2023.
    • The Company added 28 new company-operated stores during the third quarter, including 14 company-operated stores from the acquisition of the Mexico operations, ending with 749 stores.

    Meghan Frank, Chief Financial Officer, stated: "Our third quarter results, which exceeded our expectations, demonstrate the ability of our teams to be agile in a dynamic operating environment. With the majority of the fourth quarter still in front of us, we are focused on deepening engagement with our guests and bringing new consumers into the brand. We are committed to delivering on our Power of Three ×2 revenue target of $12.5 billion in 2026 and look forward to all that lies ahead."

    Stock Repurchase Program

    During the third quarter of 2024, the Company repurchased 1.6 million shares of its common stock for a cost of $408.5 million.

    On December 3, 2024, the board of directors approved a $1.0 billion increase to the Company's stock repurchase program. Including this increase, as of December 5, 2024, the Company had approximately $1.8 billion remaining authorized on its stock repurchase program.

    Balance Sheet Highlights

    The Company ended the third quarter of 2024 with $1.2 billion in cash and cash equivalents and the capacity under its committed revolving credit facility was $393.5 million.

    Inventories at the end of the third quarter of 2024 increased 8% to $1.8 billion compared to $1.7 billion at the end of the third quarter of 2023.

    2024 Outlook

    For the fourth quarter of 2024, the Company expects net revenue to be in the range of $3.475 billion to $3.510 billion, representing growth of 8% to 10%, or 3% to 4% excluding the 53rd week of 2024. Diluted earnings per share are expected to be in the range of $5.56 to $5.64 for the quarter. This assumes a tax rate of approximately 29.5%.

    For 2024, the Company now expects net revenue to be in the range of $10.452 billion to $10.487 billion, representing growth of 9%, or 7% excluding the 53rd week of 2024. Diluted earnings per share are now expected to be in the range of $14.08 to $14.16 for the year. This assumes a tax rate of approximately 30%.

    The guidance does not reflect potential future repurchases of the Company's shares.

    The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and do not incorporate future unknown impacts, including macroeconomic trends. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below.

    Power of Three ×2

    The Company's Power of Three ×2 growth plan calls for a doubling of the business from 2021 net revenue of $6.25 billion to $12.5 billion by 2026. The key pillars of the plan are product innovation, guest experience, and market expansion.

    Conference Call Information

    A conference call to discuss third quarter results is scheduled for today, December 5, 2024, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-844-763-8274 or 1-647-484-8814, if calling internationally, approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available online at: https://corporate.lululemon.com/investors/news-and-events/events-and-presentations. A replay will be made available online approximately two hours following the live call for a period of 30 days.

    About lululemon athletica inc.

    lululemon athletica inc. (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.

    Non-GAAP Financial Measures

    Constant dollar changes and adjusted financial results are non-GAAP financial measures.

    A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates.

    Adjusted gross profit, gross margin, income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio, and the related income tax effects of these items. The Company believes these adjusted financial measures are useful to investors as they provide supplemental information that enable evaluation of the underlying trend in its operating performance, and enable a comparison to its historical financial information. Further, due to the finite and discrete nature of these items, it does not consider them to be normal operating expenses that are necessary to run the business, or impairments or disposal gains that are expected to arise in the normal course of its operations.

    Management uses these adjusted financial measures and constant currency metrics internally when reviewing and assessing financial performance.

    The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year. The expected net revenue increase excluding the 53rd week excludes the expected net revenue for the 53rd week of 2024. This enables an evaluation of the expected year-over-year increase in net revenue based on 52 weeks in each year.

    The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or with greater prominence to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures. The Company's non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures reported by other companies.

    Forward-Looking Statements:

    This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; changes in consumer shopping preferences and shifts in distribution channels; the acceptability of its products to guests; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; its ability to accurately forecast guest demand for its products; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on a relatively small number of vendors to supply and manufacture a significant portion of its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in South Asia and South East Asia; its ability to safeguard against security breaches with respect to its technology systems; its compliance with privacy and data protection laws; any material disruption of its information systems; its ability to have technology-based systems function effectively and grow its e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding its environmental, social, and governance, or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in its key markets; global or regional health events such as the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; global economic and political conditions; its ability to source and sell its merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in tax laws or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and patents and the prevention of sale of certain products; its exposure to various types of litigation; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov, including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.

    lululemon athletica inc.

    The fiscal year ending February 2, 2025 is referred to as "2024" and the fiscal year ended January 28, 2024 is referred to as "2023".

    Condensed Consolidated Statements of Operations

    Unaudited; Expressed in thousands, except per share amounts

     

     

    Third Quarter

     

    First Three Quarters

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net revenue

     

    $

    2,396,660

     

     

    $

    2,204,218

     

     

    $

    6,976,629

     

     

    $

    6,414,175

     

    Costs of goods sold

     

     

    995,054

     

     

     

    947,554

     

     

     

    2,887,770

     

     

     

    2,708,195

     

    Gross profit

     

     

    1,401,606

     

     

     

    1,256,664

     

     

     

    4,088,859

     

     

     

    3,705,980

     

    As a percentage of net revenue

     

     

    58.5

    %

     

     

    57.0

    %

     

     

    58.6

    %

     

     

    57.8

    %

    Selling, general and administrative expenses

     

     

    909,827

     

     

     

    842,795

     

     

     

    2,624,212

     

     

     

    2,407,683

     

    As a percentage of net revenue

     

     

    38.0

    %

     

     

    38.2

    %

     

     

    37.6

    %

     

     

    37.5

    %

    Impairment of assets and restructuring costs

     

     

    —

     

     

     

    74,501

     

     

     

    —

     

     

     

    74,501

     

    Amortization of intangible assets

     

     

    1,118

     

     

     

    1,253

     

     

     

    1,118

     

     

     

    5,010

     

    Income from operations

     

     

    490,661

     

     

     

    338,115

     

     

     

    1,463,529

     

     

     

    1,218,786

     

    As a percentage of net revenue

     

     

    20.5

    %

     

     

    15.3

    %

     

     

    21.0

    %

     

     

    19.0

    %

    Other income (expense), net

     

     

    13,743

     

     

     

    9,842

     

     

     

    55,020

     

     

     

    25,229

     

    Income before income tax expense

     

     

    504,404

     

     

     

    347,957

     

     

     

    1,518,549

     

     

     

    1,244,015

     

    Income tax expense

     

     

    152,534

     

     

     

    99,243

     

     

     

    452,336

     

     

     

    363,293

     

    Net income

     

    $

    351,870

     

     

    $

    248,714

     

     

    $

    1,066,213

     

     

    $

    880,722

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

     

    $

    2.87

     

     

    $

    1.97

     

     

    $

    8.57

     

     

    $

    6.94

     

    Diluted earnings per share

     

    $

    2.87

     

     

    $

    1.96

     

     

    $

    8.55

     

     

    $

    6.92

     

    Basic weighted-average shares outstanding

     

     

    122,697

     

     

     

    126,460

     

     

     

    124,471

     

     

     

    126,892

     

    Diluted weighted-average shares outstanding

     

     

    122,803

     

     

     

    126,770

     

     

     

    124,668

     

     

     

    127,218

     

    lululemon athletica inc.

    Condensed Consolidated Balance Sheets

    Unaudited; Expressed in thousands

     

     

    October 27,

    2024

     

    January 28,

    2024

     

    October 29,

    2023

    ASSETS

     

     

     

     

     

     

    Current assets

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    1,188,419

     

    $

    2,243,971

     

    $

    1,091,138 

    Inventories

     

     

    1,800,893

     

     

    1,323,602

     

     

    1,663,617 

    Prepaid and receivable income taxes

     

     

    257,388

     

     

    183,733

     

     

    300,258 

    Other current assets

     

     

    358,589

     

     

    309,271

     

     

    309,886 

    Total current assets

     

     

    3,605,289

     

     

    4,060,577

     

     

    3,364,899 

    Property and equipment, net

     

     

    1,697,759

     

     

    1,545,811

     

     

    1,413,918 

    Right-of-use lease assets

     

     

    1,360,589

     

     

    1,265,610

     

     

    1,048,607 

    Goodwill and intangible assets, net

     

     

    178,185

     

     

    24,083

     

     

    23,912 

    Deferred income taxes and other non-current assets

     

     

    241,847

     

     

    195,860

     

     

    170,928 

    Total assets

     

    $

    7,083,669

     

    $

    7,091,941

     

    $

    6,022,264 

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities

     

     

     

     

     

     

    Accounts payable

     

    $

    385,960

     

    $

    348,441

     

    $

    309,324 

    Accrued liabilities and other

     

     

    561,615

     

     

    348,555

     

     

    392,949 

    Accrued compensation and related expenses

     

     

    190,169

     

     

    326,110

     

     

    250,479 

    Current lease liabilities

     

     

    290,368

     

     

    249,270

     

     

    217,138 

    Current income taxes payable

     

     

    96,808

     

     

    12,098

     

     

    27,231 

    Unredeemed gift card liability

     

     

    238,327

     

     

    306,479

     

     

    213,256 

    Other current liabilities

     

     

    40,286

     

     

    40,308

     

     

    37,737 

    Total current liabilities

     

     

    1,803,533

     

     

    1,631,261

     

     

    1,448,114 

    Non-current lease liabilities

     

     

    1,223,733

     

     

    1,154,012

     

     

    950,954 

    Non-current income taxes payable

     

     

    —

     

     

    15,864

     

     

    15,864 

    Deferred income tax liability

     

     

    33,231

     

     

    29,522

     

     

    53,833 

    Other non-current liabilities

     

     

    37,440

     

     

    29,201

     

     

    27,650 

    Stockholders' equity

     

     

    3,985,732

     

     

    4,232,081

     

     

    3,525,849 

    Total liabilities and stockholders' equity

     

    $

    7,083,669

     

    $

    7,091,941

     

    $

    6,022,264 

    lululemon athletica inc.

    Condensed Consolidated Statements of Cash Flows

    Unaudited; Expressed in thousands

     

     

    First Three Quarters

     

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities

     

     

     

     

    Net income

     

    $

    1,066,213

     

     

    $

    880,722

     

    Adjustments to reconcile net income to net cash provided by operating activities

     

     

    (194,890

    )

     

     

    31,344

     

    Net cash provided by operating activities

     

     

    871,323

     

     

     

    912,066

     

    Net cash used in investing activities

     

     

    (575,214

    )

     

     

    (445,325

    )

    Net cash used in financing activities

     

     

    (1,328,510

    )

     

     

    (510,583

    )

    Effect of foreign currency exchange rate changes on cash and cash equivalents

     

     

    (23,151

    )

     

     

    (19,887

    )

    Decrease in cash and cash equivalents

     

     

    (1,055,552

    )

     

     

    (63,729

    )

    Cash and cash equivalents, beginning of period

     

     

    2,243,971

     

     

     

    1,154,867

     

    Cash and cash equivalents, end of period

     

    $

    1,188,419

     

     

    $

    1,091,138

     

    lululemon athletica inc.

    Reconciliation of Non-GAAP Financial Measures

    Unaudited; Expressed in thousands, except per share amounts

    Constant dollar changes

    The below changes show the change for the third quarter of 2024 compared to the third quarter of 2023.

     

     

    Net Revenue

     

     

    Change

     

    Foreign

    exchange

     

    Change in

    constant

    dollars

    United States

     

    —

    %

     

    —

    %

     

    —

    %

    Canada

     

    9

     

     

    —

     

     

    9

     

    Mexico(1)

     

    n/a

     

     

    n/a

     

     

    n/a

     

    Americas

     

    2

     

     

    —

     

     

    2

     

     

     

     

     

     

     

     

    China Mainland

     

    39

     

     

    (3

    )

     

    36

     

    Rest of World

     

    27

     

     

    (4

    )

     

    23

     

    Total international

     

    33

     

     

    (3

    )

     

    30

     

     

     

     

     

     

     

     

    Total

     

    9

    %

     

    (1

    )%

     

    8

    %

     

     

    Comparable Sales(2)

     

     

    Change

     

    Foreign

    exchange

     

    Change in

    constant

    dollars

    Americas

     

    (2

    )%

     

    —

    %

     

    (2

    )%

     

     

     

     

     

     

     

    China Mainland

     

    27

     

     

    (3

    )

     

    24

     

    Rest of World

     

    23

     

     

    (3

    )

     

    20

     

    Total international

     

    25

     

     

    (3

    )

     

    22

     

     

     

     

     

     

     

     

    Total

     

    4

    %

     

    (1

    )%

     

    3

    %

    __________

    (1)

    On September 10, 2024, the Company acquired the lululemon branded retail locations and operations run by a third party in Mexico. Wholesale sales to the third party by lululemon athletica canada inc. prior to the acquisition are disclosed as net revenue recognized within Canada.

    (2)

    Comparable sales includes comparable company-operated store and e-commerce net revenue. Comparable company-operated stores have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable company-operated stores exclude stores which have been temporarily relocated for renovations or have been temporarily closed.

    Adjusted financial measures

    The following tables reconcile adjusted 2023 financial measures with the most directly comparable measures calculated in accordance with GAAP. The adjustments relate to certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio and their related tax effects. Please refer to Note 4. Impairment of Assets and Restructuring Costs included in Item 1 of Part I of the Company's Report on Form 10-Q to be filed with the SEC on or about December 5, 2024 for further information on the nature of these amounts.

     

     

    Third Quarter 2023

     

     

    Gross Profit

     

    Gross

    Margin

     

    Income

    from

    Operations

     

    Operating

    Margin

     

    Income Tax

    Expense

     

    Effective

    Tax Rate

     

    Net Income

     

    Diluted

    Earnings

    Per Share

    GAAP results

     

    $

    1,256,664

     

    57.0

    %

     

    $

    338,115

     

    15.3

    %

     

    $

    99,243

     

    28.5

    %

     

    $

    248,714

     

     

    $

    1.96

     

    lululemon Studio charges:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    lululemon Studio obsolescence provision

     

     

    23,709

     

    1.1

     

     

     

    23,709

     

    1.1

     

     

     

     

     

     

     

    23,709

     

     

     

    0.19

     

    Impairment of assets

     

     

     

     

     

     

    44,186

     

    2.0

     

     

     

     

     

     

     

    44,186

     

     

     

    0.35

     

    Restructuring costs

     

     

     

     

     

     

    30,315

     

    1.4

     

     

     

     

     

     

     

    30,315

     

     

     

    0.24

     

    Tax effect of the above

     

     

     

     

     

     

     

     

     

     

    26,085

     

    (0.4

    )

     

     

    (26,085

    )

     

     

    (0.21

    )

     

     

     

    23,709

     

    1.1

     

     

     

    98,210

     

    4.5

     

     

     

    26,085

     

    (0.4

    )

     

     

    72,125

     

     

     

    0.57

     

    Adjusted results (non-GAAP)

     

    $

    1,280,373

     

    58.1

    %

     

    $

    436,325

     

    19.8

    %

     

    $

    125,328

     

    28.1

    %

     

    $

    320,839

     

     

    $

    2.53

     

     

     

    First Three Quarters 2023

     

     

    Gross Profit

     

    Gross

    Margin

     

    Income

    from

    Operations

     

    Operating

    Margin

     

    Income Tax

    Expense

     

    Effective

    Tax Rate

     

    Net Income

     

    Diluted

    Earnings

    Per Share

    GAAP results

     

    $

    3,705,980

     

    57.8

    %

     

    $

    1,218,786

     

    19.0

    %

     

    $

    363,293

     

    29.2

    %

     

    $

    880,722

     

     

    $

    6.92

     

    lululemon Studio charges:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    lululemon Studio obsolescence provision

     

     

    23,709

     

    0.3

     

     

     

    23,709

     

    0.3

     

     

     

     

     

     

     

    23,709

     

     

     

    0.19

     

    Impairment of assets

     

     

     

     

     

     

    44,186

     

    0.7

     

     

     

     

     

     

     

    44,186

     

     

     

    0.35

     

    Restructuring costs

     

     

     

     

     

     

    30,315

     

    0.5

     

     

     

     

     

     

     

    30,315

     

     

     

    0.24

     

    Tax effect of the above

     

     

     

     

     

     

     

     

     

     

    26,085

     

    (0.2

    )

     

     

    (26,085

    )

     

     

    (0.21

    )

     

     

     

    23,709

     

    0.3

     

     

     

    98,210

     

    1.5

     

     

     

    26,085

     

    (0.2

    )

     

     

    72,125

     

     

     

    0.57

     

    Adjusted results (non-GAAP)

     

    $

    3,729,689

     

    58.1

    %

     

    $

    1,316,996

     

    20.5

    %

     

    $

    389,378

     

    29.0

    %

     

    $

    952,847

     

     

    $

    7.49

     

    Expected net revenue increase excluding the 53rd week

    The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year.

     

     

    Fourth Quarter 2024

     

    Fiscal 2024

    Expected net revenue increase

     

    8% to 10%

     

    9%

    Impact of 53rd week

     

    (5)% to (6)%

     

    (2)%

    Expected net revenue increase excluding the 53rd week (non-GAAP)

     

    3% to 4%

     

    7%

    lululemon athletica inc.

    Company-operated Store Count and Square Footage(1)

    Square footage expressed in thousands

     

     

    Number of

    Stores Open

    at the

    Beginning of

    the Quarter

     

    Number of

    Stores

    Opened

    During the

    Quarter

     

    Number of

    Stores Closed

    During the

    Quarter

     

    Number of

    Stores Open

    at the End of

    the Quarter

    4th Quarter 2023

     

    686

     

    26

     

    1

     

    711 

    1st Quarter 2024

     

    711

     

    5

     

    5

     

    711 

    2nd Quarter 2024

     

    711

     

    11

     

    1

     

    721 

    3rd Quarter 2024

     

    721

     

    28

     

    —

     

    749 

     

     

    Total Gross

    Square Feet at

    the Beginning

    of the Quarter

     

    Gross Square

    Feet Added

    During the

    Quarter(2)

     

    Gross Square

    Feet Lost

    During the

    Quarter(2)

     

    Total Gross

    Square Feet at

    the End of the

    Quarter

    4th Quarter 2023

     

    2,797

     

    173

     

    3

     

    2,967 

    1st Quarter 2024

     

    2,967

     

    35

     

    14

     

    2,988 

    2nd Quarter 2024

     

    2,988

     

    90

     

    3

     

    3,075 

    3rd Quarter 2024

     

    3,075

     

    156

     

    —

     

    3,231 

    __________

    (1)

    Company-operated store count and square footage summary excludes retail locations operated by third parties under license and supply arrangements.

    (2)

    Gross square feet added/lost during the quarter includes net square foot additions for company-operated stores which have been renovated or relocated in the quarter.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241205433612/en/

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