lululemon athletica operated 672 stores as of Q2 FY23. Credit: Big Swede Guy/ Flickr (Creative Commons).

Multinational athletic retailer Lululemon Athletica has generated a total revenue of $2.2bn in the second quarter (Q2) of fiscal year (FY) 2023, up 18% from $1.86bn in the same period of FY22.

Net revenue for the quarter increased 11% and 52% in North America and internationally, respectively.

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The retailer’s total comparable sales increased 11% in Q2 FY23, while comparable store sales increased 7% from the prior year’s quarter.

Direct-to-consumer net revenue increased by 15%, representing 40% of total net revenue in Q2 FY23.

Gross profit of lululemon athletica rose by 23% to $1.3bn and gross margin increased by 230 basis points (bps) to 58.8%.

Its operating margin also grew 20bps to 21.7% over the quarter.

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The retailer’s operating income was $479.3m in Q2 FY23, up 19% against the prior year’s quarter.

Lululemon athletica reported diluted earnings per share (EPS) of $2.68 against $2.26 in Q2 FY22.

The retailer opened ten net new company-operated stores, ending the quarter with 672 stores.

Lululemon athletica chief executive officer Calvin McDonald said: “Our Q2 results highlight the ongoing strength of the business amid a dynamic operating environment. I am proud of how our teams continue to deliver on our vision and offer an exciting pipeline of new products and experiences to our guests around the world. Our continued ability to gain market share and bring new customers into the brand illustrates the significant runway ahead for lululemon.”

In the third quarter of 2023, the retailer expects revenue to grow by 17% – 18% to $2.165bn to $2.190bn and diluted EPS to be in the range of $2.23 to $2.28.

For the full year of 2023, lululemon athletica expects net revenue to be in the range of $9.51bn to $9.57bn, an increase of 17% to 18% from the prior FY.

The retailer expects diluted EPS in the range of $12.02 to $12.17 in 2023.