Lululemon GAAP EPS of $2.00 beats by $0.02, revenue of $1.86B beats by $50M
Lululemon press release (NASDAQ:LULU): Q3 GAAP EPS of $2.00  beats by $0.02.
Revenue of $1.86B (+28.3% Y/Y)  beats by $50M.
Total comparable sales increased 22%, or 25% on a constant dollar basis.
Direct to consumer net revenue represented 41% of total net revenue compared to 40% for the third quarter of 2021.

Gross profit increased 25% to $1.0 billion and gross margin decreased 130 basis points to 55.9%.
Operating margin increased 120 basis points to 19.0%. Adjusted operating margin decreased 40 basis points.

Q4 Outlook: The Company expects net revenue to be in the range of $2.605 billion to $2.655 billion vs. consensus of $2.65B, representing a three-year compound annual growth rate of approximately 24%. Diluted earnings per share are expected to be in the range of $4.20 to $4.30 for the quarter vs. consensus of $4.30.

2022 Outlook: The Company expects net revenue to be in the range of $7.944 billion to $7.994 billion vs. consensus of $7.96B, representing a three-year compound annual growth rate of approximately 26%. Diluted earnings per share are expected to be in the range of $9.94 to $10.04 for the year and, excluding the gain on the sale of an administrative office building, adjusted diluted earnings per share are expected to be in the range of $9.87 to $9.97 vs. consensus of $9.92.
Shares -10.72%.