Lululemon Athletica reported strong Q1 2024 results with net revenue increasing 10% to $2.2 billion, or 11% on a constant dollar basis. Gross profit rose 11% to $1.3 billion with gross margin expanding 20 basis points to 57.7%. Net income grew 10.7% to $321.4 million, with diluted earnings per share of $2.54 compared to $2.28 in Q1 2023.Regional performance showed significant variation, with China Mainland leading growth as comparable sales surged 26% (33% in constant dollars). Rest of World delivered 23% comparable sales growth, while Americas remained flat. The company's e-commerce and retail expansion continued with strong momentum in international markets, though Americas showed signs of moderation.Operating margin decreased 50 basis points to 19.6% amid higher selling, general and administrative expenses. The company maintained a strong liquidity position with $1.9 billion in cash and cash equivalents. During the quarter, Lululemon repurchased 0.8 million shares for $299.5 million and announced plans to acquire its Mexico operations for approximately $160 million.

Lululemon Athletica reported strong Q1 2024 results with net revenue increasing 10% to $2.2 billion, or 11% on a constant dollar basis. Gross profit rose 11% to $1.3 billion with gross margin expanding 20 basis points to 57.7%. Net income grew 10.7% to $321.4 million, with diluted earnings per share of $2.54 compared to $2.28 in Q1 2023.Regional performance showed significant variation, with China Mainland leading growth as comparable sales surged 26% (33% in constant dollars). Rest of World delivered 23% comparable sales growth, while Americas remained flat. The company's e-commerce and retail expansion continued with strong momentum in international markets, though Americas showed signs of moderation.Operating margin decreased 50 basis points to 19.6% amid higher selling, general and administrative expenses. The company maintained a strong liquidity position with $1.9 billion in cash and cash equivalents. During the quarter, Lululemon repurchased 0.8 million shares for $299.5 million and announced plans to acquire its Mexico operations for approximately $160 million.