As Santa hops on his sleigh down from the North Pole, he'll be able to defrost in the warm, sunny skies set to hit the Hunter Region on Christmas Day. Login or signup to continue reading The Bureau of Meteorology forecast Tuesday, December 24, to reach a maximum of 24 degrees and a five per cent chance of rain, with the evening dropping to a minimum of 16 degrees. Christmas was likely to be perfect weather for a beach day with Newcastle temperatures predicted to hit a maximum of 26 degrees with a low chance of rain. The updated forecast had changed slightly from last week when December 25 was predicted to bring a 10 per cent chance of rain alongside a high of 28 degrees. BOM meteorologist Jiwon Park said a high pressure system will move across eastern NSW, creating dry and sunny weather conditions along the Hunter Coast on the 25th. "It will be a dry and sunny, beautiful day," he said. He cautioned that a potential powerful southerly swell could cause hazardous surf conditions on Tuesday and into Wednesday. "The waves could be more powerful than it looks, and it could be potentially hazardous conditions for surfing or rock fishing," he said. He said the Upper Hunter would be a bit warmer, with low-30 degrees forecast for the next few days. Throughout the Christmas period onshore easterly winds will keep the temperatures relatively mild along the coast, he said. "There will be a gradual increase in temperatures through the mid-week and into the later part of the week." Boxing Day will likely hit a high of 30 degrees with clear skies in Newcastle, while Friday, December 27 could reach 39 degrees. Journalist at the Newcastle Herald. Email me at jessica.belzycki@austcommunitymedia.com.au Journalist at the Newcastle Herald. Email me at jessica.belzycki@austcommunitymedia.com.au DAILY Today's top stories curated by our news team. Also includes evening update. 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WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!PITTSBURGH (AP) — Pittsburgh Steelers tight end Darnell Washington was minding his own business during practice recently, doing his due diligence while running his route when the ball suddenly came his way. Washington wasn't sure what option he was on the play. he certainly wasn't first. Probably not even second. Maybe not even third. Washington was on the back side all by his lonesome while a sea of wide receivers and running backs zig-zagged across quarterback Russell Wilson's field of vision. Only, Wilson didn't like what he saw. Not enough to throw it anyway. So he pivoted to his left and found Washington wide open for a big gain. Asked if he was surprised to find the ball in his hands, Washington nodded. “A little bit,” he said. “I don't know. I don't know what was going on with the other people.” Wilson did. He almost always seems to these days for the first-place Steelers (9-3), who find themselves atop the AFC North behind the play of their resurgent 36-year-old quarterback, who has taken a decidedly democratic approach to resurrecting his career. The nine-time Pro Bowler threw the ball to 10 different players while piling up 414 yards last week against the Bengals . Sure, mercurial star George Pickens got the ball. But so did Washington. And third tight end MyCole Pruitt. And wide receiver Ben Skowronek, who turned his second catch of the season into a 23-yard gain on a drive that ended with one of Wilson's three touchdown passes. “You never know when it’s coming your way,” Skowronek said. Not with Wilson at the controls. Fourteen different players have at least one catch this season for the Steelers. That includes Mike Williams, whose lone grab a month since being acquired from the New York Jets is a 32-yard rainbow for the winning score in the final minutes against Washington. It also includes Skowronek, who spent the early portion of the season on injured reserve and worried he'd sort of lost his place in line while he rehabbed. Skowronek and his teammates have quickly learned that with Wilson, there is no “line." During his six starts since returning from a calf injury, Wilson has thrown it wherever, whenever. “It’s like in baseball,” said Wilson, a former minor league second baseman. “You’ll never hit a home run if you don’t swing. And I really believe that you’ve got to swing, you’ve got to trust guys. You’ve got to be able to trust yourself.” Something that hasn't been an issue for Wilson for years, even if he arrived in Pittsburgh at a crossroads following an abrupt fall from grace in Denver. The Steelers couldn't sign Wilson to a one-year deal for the veteran minimum fast enough, and Wilson wasted little time building a rapport with players who were relative strangers. What began with throwing sessions in San Diego has morphed into team dinners and Friday nights where Wilson and first-year offensive coordinator Arthur Smith will hole themselves up in the team facility poring over tapes and bouncing ideas off each other until their wives call wondering where they are. On game days, that work manifests itself in various ways. It's tight end Pat Freiermuth drifting toward an open area while Wilson scrambles, as he did two plays after Skowronek's grab for a 25-yard touchdown. It's Wilson calling an audible at the line of scrimmage late against Cincinnati to hit Van Jefferson for a 43-yard gain that led to a clinching field goal. It's not just good for the stat sheet, it's good for the vibes. “Morale is a big part,” Smith said. Guys who want to be invested. Spreading it around is beneficial in a myriad of ways. It means players don't feel they are “decoys on every play,” as Smith put it. It also means once you put it on film, it means opponents have to find a way to defend it. And the more things an opponent has to defend, the better for an offense, particularly one led by a quarterback who will make his 195th start on Sunday when Cleveland (3-9) visits. “Russ has seen every coverage,” Skowronek said. “He’s ran all these concepts before. So he knows progressions like probably the back of his hand.” Besides, Wilson knows he can't just preach about the importance of being unselfish without practicing it a little bit too. That means giving opportunities to those who have worked for it, no matter where they might fall on the depth chart. “I think that the best part about it is that we’re all super close,” Wilson said. “And I think that bond is really everything too, and just the understanding of each guy and the relationships that we have together, it’s fun. We’re having a great time.” It sure looks like it. The Steelers are averaging a healthy 28.7 points since Wilson recovered from a calf injury that forced him to watch the first six games from the sideline. For the first time in a long time, Pittsburgh no longer has to rely exclusively on its defense to get by. While Mike Tomlin will never get comfortable with the idea of getting into a shootout — blame his defensive coaching roots before taking over in Pittsburgh in 2007 — it's nice to know his team can match opponents score for score if necessary. Another one could be looming against the Browns, who piled up more than 500 yards in a loss to Denver on Monday night. If one materializes, Wilson is ready to do whatever is necessary and find whoever is necessary, regardless of pedigree, salary or resume. “We got to love that part of it,” Wilson said. “We can’t fear it. We’ve got to want it. We’ve got to expect it. We’ve got to embrace it. We’ve got to challenge that. We’ve got to be in those moments and be locked into that moment. I think we do an extremely good job of that.” AP NFL: https://apnews.com/hub/nflBurt, the huge crocodile that rose to fame with a cameo in the movie “Crocodile Dundee” and continued to impress visitors with his fiery temper and commanding presence, has died. Burt died over the weekend, the Crocosaurus Cove reptile aquarium in Darwin, , said. He was at least 90 years old. “Known for his independent nature, Burt was a confirmed bachelor — an attitude he made clear during his earlier years at a crocodile farm,” Crocosaurus Cove wrote in social media posts. “He wasn’t just a crocodile, he was a force of nature and a reminder of the power and majesty of these incredible creatures. While his personality could be challenging, it was also what made him so memorable and beloved by those who worked with him and the thousands who visited him over the years,” the aquarium wrote. A , Burt was estimated to be more than 5 meters (16 feet) long. He was captured in the 1980s in the Reynolds River and became one of the most well-known crocodiles in the world, according to Crocosaurus Cove. The 1986 movie stars Paul Hogan as the rugged crocodile hunter Mick Dundee. In the movie, American Sue Charlton (Linda Kozlowski) goes to fill her canteen in a watering hole when she is attacked by a crocodile, before being saved by Dundee. Burt is briefly shown lunging out of the water. But the creature shown in more detail as Dundee saves the day is apparently something else. The Internet Movie Database says the movie goofed by depicting an American alligator, which has a blunter snout. The Australian aquarium where Burt had lived since 2008 features a “Cage of Death” which it says is the nation’s only crocodile dive. It said it planned to honor Burt’s legacy with a commemorative sign “celebrating his extraordinary life and the stories and interactions he shared throughout his time at the park.” Nick Perry, The Associated Press
Niger Delta Liberation Movement (NDLM), popularly known as MOVEMENT, says it has burst several pipelines along the Olero-Dibi-Abiteye Fields/Flow stations belonging to Chevron Nigeria Ltd (CNL) in Delta. Although our correspondent has not been able to independently verify the claim as of the time of filing the report, the group said it carried out the economic sabotage at about 2:00 am on Friday, November 22. The group further described the damage as its official launch of ‘Operation CHEVRON DRAGNET.’ The damaged pipelines said to be six inches, eight inches, and 10 inches in diametre, transport various petroleum products including natural gas and crude. The Secretary of NDLM, Mr. Emmanuel Tagbanaraewumi, in a syndicated press statement on Friday afternoon, vowed that more woes would betide facilities of the oil multinational in due course. “These multiple blasts, are the start of the operations code-named CHEVRON DRAGNET. “We promise a shocker as we vow to continue to hit facilities used for crude oil exploration activities in the whole of Warri areas, till Chevron does the needful as this is just the beginning of operation CHEVRON DRAGNET. “It will be recalled several host communities and organizations from the Itsekiri extraction had called upon Chevron Nigeria Limited (CNL) to make available their employment quota in the firm’s ongoing recruitment scheme, but to no avail. “We had earlier made demands for the unconditional conversion of VTP5/OTP2 and VTP6 amongst others and these demands were not attended to. “The MOVEMENT is bringing to the notice of the Federal Republic of Nigeria, Nigerian National Petroleum Company Limited (NNPCL), and Chevron in particular, that we are in support of these calls and therefore announce the launch of an operation CHEVRON DRAGNET. “The operation CHEVRON DRAGNET has become unavoidable because Chevron had refused to listen to her host communities and organizations from the Itsekiri extraction, calling for the implementation of Local Content Law and allocate to her the rightful quarter of the ongoing Chevron Nigeria Limited recruitment by a consulting firm known as dragnet. “Recall how we claimed responsibility for several attacks against oil facilities in the Warri area since July 2023. Our biggest feast was the Dibi to Olero Gas Line Blast at Junction 19 on June 18, 2024. “Through the disruption of all oil exploration activity, we pledge to communicate with Chevron in their language. “We will not provide any ultimatum or timeline for the operations, as was evident in our previous press statements. “As long as Chevron decides to keep mute and play unholy politics with the request from the host communities and organizations of the Itsekiri nation, we vow to support and back these calls with the language Chevron will understand,” he swore. Meanwhile, officials of CNL have yet to confirm the claims of the terror movement as of the time of filing the report. READ MORE FROM: NIGERIAN TRIBUNE Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more. Join our WhatsApp Channel now
Ex-Rep. Matt Gaetz Friday ruled out a possible return to Congress after dropping his bid to become President-elect Trump’s attorney general. The former Florida lawmaker told a right-wing podcast that he wouldn’t try to walk back his resignation from the deep-red seat that he recently won in a reelection landslide despite the implosion of his nomination amid sex-and-drug accusations. “I’m still going to be in the fight, but it’s going to be from a new perch but I do not intend to join the 119th Congress,” Gaetz told podcast host Charlie Kirk on Real America’s Voice. Gaetz, 42, praised the Republicans jostling for a chance to take his spot on Capitol Hill and called it “a pretty poetic time to allow that great new blood to come in.” The four-term Republican said he has “other goals in life,” without elaborating. “I’m going to be fighting for President Trump,” Gaetz said. “I’m going to be doing whatever he asks of me, as I always have. But I think that eight years is probably enough time in the United States Congress.” Gaetz, one of Trump’s most vocal supporters, resigned from Congress last week at the same day as Trump nominated him to be attorney general. Many interpreted the unusual move as a ploy to avoid the planned release of a damning House Ethics Committee report into drug and sex abuse allegations. At least two young women told the panel they were paid by Gaetz for sex at drug-fueled parties in Florida and during vacation jaunts. One was only 17 and a high school student at the time. He pulled the plug on his bid as more lurid allegations surfaced and GOP senators told him he couldn’t win confirmation. It’s unclear whether the report will ever be released now that he is no longer a member of Congress and no longer vying to be attorney general. Trump quickly moved to nominate former Florida Attorney General Pam Bondi in his place, a pick that drew favorable responses from GOP lawmakers and analysts. Gaetz could make a run for governor of the Sunshine State in 2026 when Gov. Ron DeSantis will be barred by term limits from running again. Some of Gaetz’s supporters have mentioned him as a possible candidate to be appointed to fill the soon-to-be-vacant U.S. Senate seat now held by Marco Rubio, who has been nominated for Secretary of State. DeSantis, who will make that pick, has kept quiet about who might be on his short list.
Inside the Gaetz ethics report, a trove of new details alleging payments for sex and drug useAVITA Medical Announces FDA Approval of RECELL GO mini, Optimizing Treatment for Smaller Wounds
It may be the biggest holiday of the year, but the Seattle Seahawks are still on a short week. On Thursday night they'll be visiting the Chicago Bears in their second appearance on Thursday Night Football of the season, which is just wonderful. Injuries are always a problem this time of season, but on a short week it's a heightened concern. The Seahawks were relatively healthy going into Sunday's excruciating yet also encouraging but also maddening loss to the Minnesota Vikings - and they came out relatively unscathed - with one big exception. In the fourth quarter starting running back Ken Walker left the game with an ankle injury and was listed as doubtful to return. After the game head coach Mike Macdonald didn't have much to say about Walker's ankle. Now, we have our first unofficial status update for Walker. As today's practice was a walk-through the team's injury report for Monday is only an estimation, but here's what we know about Walker and a few other key injuries going into Week 17. RB Ken Walker Walker was one of five players listed as non-participants for today's practice. That doesn't give us much to go on and Seattle will only have one real practice this week, so whatever his status is tomorrow is probably our best indicator for if he'll play or not. In any case, the Seahawks aren't really bothering to run the ball anymore, anyway. In Sunday's loss offensive coordinator Ryan Grubb had barely called any designed runs going into the fourth. For what it's worth, Kenny McIntosh did look good in the limited action he got at the end of the game, totaling 29 yards from scrimmage on four touches. Maybe McIntosh will get the ball instead of Zach Charbonnet this week. Abe Lucas, Leonard Williams, Ernest Jones Tight end Brady Russell was the only other player who was listed as a DNP due to an actual injury. The rest, consisting of right tackle Abe Lucas, defensive end Leonard Williams and middle linebacker Ernest Jones were estimated as rest days. Lucas is still apparently getting pain in his right knee, Williams has a lingering foot thing and Jones has a knee issue. None are serious except for the long-term Lucas concern. Five players were listed as limited, including running back Zach Charbonnet (elbow), tight end Noah Fant (knee), outside linebacker Uchenna Nwosu (wrist), center Olu Oluwatimi (knee) and edge rusher Derick Hall (shoulder). More Seahawks stories Seahawks vs. Bears: Early odds for Thursday Night Football Week 17 Riq Woolen refused to answer questions after Seahawks' loss to Vikings NFL power rankings: Seahawks rise despite brutal loss to Minnesota
LeBron James and the Los Angeles Lakers headline the action-packed Christmas Day lineup and will go against Stephen Curry and the Golden State Warriors . James still looks forward to playing against his former foe during the holiday season because of their shared court experience. Fans will tune in to ESPN and ABC on Dec, 25 as the Lakers-Warriors game will be the fourth out of the five games on the special day. On Monday, James and his team suffered a 117-114 loss against the Detroit Pistons . The All-Star forward discussed playing his former adversary over the holidays after the game. “Anytime you get an opportunity to be on the court and compete versus one of the greats that have played this game,” James said. “You don’t take it for granted. Like I said, ‘How many more opportunities we’ll get them to go against each other, so it’s always fun.” Over the summer, James and Curry played together for Team USA, leading the national team to a gold medal finish. The Lakers star was asked what it would mean if he wins against his former national team colleague on Christmas. “Depends on what side I’m on,” he continued. “Got to see it this past summer with Team USA and it’s been a great feeling, I’ve seen on the other side and that’s what we’re for.” When the Lakers and Warriors match up Wednesday, it will be the 4th time LeBron James and Stephen Curry will have played each other on Christmas. LeBron: “I don’t know how many more opportunities we’re going to get to go against each other ...” pic.twitter.com/y8MCZJR1aD — Dave McMenamin (@mcten) December 24, 2024 James has been around in the league and appeared in 18 Christmas Day games. During that stretch, he’s averaged 26.5 points, 7.7 rebounds and 7.1 assists with a 10-8 record. Curry, on the other hand, has played 10 games on the special holiday, earning a 4-6 record. During the holidays, he’s averaged 15.6 points, 4.6 rebounds and 6.4 assists. LeBron James wants the Lakers to play with more physicality Following the Lakers’ loss to the Pistons, LeBron James addressed one of the main issues the team has struggled with. According to him, Los Angeles needs to match the opposing team’s physicality to try and win. “We just gotta match physicality with physicality,” James said. “ I can’t speak for nobody but myself when it comes to there. I’m a football player so I don’t mind physicality, to be honest. As a team, we just gotta be better with it – just be strong, that’s all.” LeBron was asked if opposing teams’ physicality is getting the best of the Lakers. His response: “I’m a football player so I don’t mind physicality, to be honest.” (via @mcten ) pic.twitter.com/1eNGRLTdVr — Legion Hoops (@LegionHoops) December 24, 2024 This article first appeared on Hardwood Heroics and was syndicated with permission.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec 5, 2024-- 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: 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 4 th Quarter 2023 686 26 1 711 1 st Quarter 2024 711 5 5 711 2 nd Quarter 2024 711 11 1 721 3 rd 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 4 th Quarter 2023 2,797 173 3 2,967 1 st Quarter 2024 2,967 35 14 2,988 2 nd Quarter 2024 2,988 90 3 3,075 3 rd Quarter 2024 3,075 156 — 3,231 (1) (2) View source version on businesswire.com : https://www.businesswire.com/news/home/20241205433612/en/ CONTACT: Investor Contacts: lululemon athletica inc. Howard Tubin 1-604-732-6124 or ICR, Inc. Joseph Teklits/Caitlin Churchill 1-203-682-8200 Media Contact: lululemon athletica inc. Madi Wallace 1-604-732-6124 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: FASHION ONLINE RETAIL RETAIL HEALTH OTHER RETAIL FITNESS & NUTRITION SPECIALTY SOURCE: lululemon athletica inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205433612/enThe 50 Best Christmas Movies of All Time
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