More on Lululemon's Q2

• Lululemon (NASDAQ:NASDAQ:LULU) reports comparable-store sales rose 6% (on a constant dollar basis) in Q2.
• Direct to consumer revenue rose 30% to $82.2M (+35% on a constant dollar basis).
• Gross profit rate dropped 370 bps to 46.8%.
• SG&A expenses rate grew 100 bps to 32.1%.
• Operating income rate slipped 270 bps to 14.7%.
• Inventory increased 55.5% to $280.6M.
• Store count +20 Q/Q to 336.
• Q3 Guidance: Net revenue: $477M to $482M; Total comparable sales: high single digits (on a constant dollar basis); Tax rate: 30.2%; Diluted EPS: $0.35 to $0.37; Diluted weighted-average shares outstanding: 141.6M.
• FY2015 Guidance: Net revenue: $2.025B to $2.055B; Total comparable sales: high single digits (on a constant dollar basis); Tax rate: 30.2%; Diluted EPS: $1.87 to $1.92; Diluted weighted-average shares outstanding: 141.8M.
• LULU -1.80% premarket.