Net income rose 39% to $289,521,000 from $208,074,000 as total revenues increased 29% to $ 1,868,328,000 from $1,450,618,000. Operating income was 38% higher at $401.2 million versus $291.0 million. Gross margin slipped 160 basis points to 56.5%, driven by a 150 b.p. decline in product margin, 130 b.p. increase in air freight costs and 30 b.p. impact from markdowns, higher than in 2021 but flat with 2019.

Balance across product categories, genders and geographies continues to drive top line growth at lululemon, which intends to launch a two-tiered membership program in North ... Log in to view full article.