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SHENZHEN, China, Dec. 24, 2024 (GLOBE NEWSWIRE) -- EVDANCE, a trusted name in electric vehicle (EV) charging solutions, is proud to announce its 5th anniversary and the successful completion of a significant brand upgrade. To celebrate this milestone, EVDANCE is launching an exciting Mega Sale, offering exclusive deals to its valued customers. Exclusive Anniversary Offers From December 10 to December 31, EVDANCE invites all EV enthusiasts to visit its enhanced website at https://evdances.com/ and take advantage of the following special promotions: These exclusive deals reflect EVDANCE’s gratitude for the trust and support it has received over the past five years. Pick one of these three amazing discounts—the one that gives you the best value. Products Designed for Real-Life Scenarios EVDANCE is committed to delivering innovative products that address the everyday needs of EV owners, enhancing convenience and reliability. As it celebrates five years of innovation, the brand continues to meet real-world needs with products like portable chargers, durable extension cables, and versatile adapters, enhancing every EV charging experience. Portable EV Chargers: Lightweight and compact, these chargers are designed for ultimate convenience, allowing you to charge your EV wherever an outlet is available—be it at home or on the road. With IP66-rated protection against water, dust, and cold, these chargers perform reliably in temperatures ranging from -22°F to 122°F. Advanced safety features and fast charging capabilities ensure your EV is always ready to hit the road. Extension Cables: Built with high-strength TPE and silver-plated copper, EVDANCE’s IP66-rated extension cables deliver exceptional durability and performance. Perfect for scenarios where outlets are far from parking spots or when navigating shared charging stations, these cables ensure seamless charging without constant vehicle rearrangements—ideal for road trips or multi-EV households. Adapters: EVDANCE’s Tesla-to-J1772 and J1772-to-Tesla adapters ensure compatibility across diverse EV models, making them essential for families with multiple electric vehicles or those charging at public stations. Made from high flame-resistant PC material, these adapters are built to endure over 10,000 plug-in/out cycles, offering long-lasting reliability. The secure locking mechanism prevents accidental disconnections, ensuring a safe charging process. With an IP65 weatherproof rating, they operate efficiently in temperatures ranging from -22°F to 122°F, delivering consistent performance in extreme conditions. 5 Years of Excellence: EVDANCE’s Commitment to EV Charging Innovation Since its founding in 2019, EVDANCE has been dedicated to developing reliable, high-quality, and innovative EV charging solutions. Its focus on safety, efficiency, and customer satisfaction has earned the trust of EV owners in over 40 countries. This global reach reflects EVDANCE’s mission to support sustainable mobility through advanced technology. Brand Upgrade: A Milestone for the Future EVDANCE’s 5th anniversary celebrates five years of relentless innovation and a transformative brand upgrade, designed to meet the evolving needs of its growing customer base. Guided by a mission to make EV charging seamless, efficient, and accessible, the brand introduces an enhanced website( https://evdances.com ) with improved navigation, detailed product information, and a more intuitive shopping experience—making it easier than ever for customers to discover cutting-edge solutions. This milestone reflects EVDANCE’s dedication to staying ahead in the rapidly advancing EV market while continuing its focus on quality, sustainability, and customer satisfaction. With these improvements, the brand reaffirms its commitment to driving sustainable mobility for a greener future. About EVDANCE Founded in 2019 by a team of visionary engineers and environmental enthusiasts, EVDANCE was born out of a passion for solving the challenges of EV charging. Frustrated with the limitations of existing infrastructure, the team set out to create innovative, intelligent, and reliable solutions that elevate the EV ownership experience. Since its inception, EVDANCE has remained at the forefront of EV charging technology, delivering fast and efficient solutions designed with sustainability in mind. By using eco-friendly materials and energy-efficient technology, the company aligns its products with a broader mission to protect the environment. As EVDANCE continues to grow, it works closely with communities, businesses, and organizations to expand EV infrastructure, empowering a global shift toward sustainable mobility. Guided by the vision of "Electric Vehicle Quick Charge," EVDANCE is committed to driving progress in the EV industry and helping customers embrace a more sustainable future. For more information, please visit: https://evdances.com/ Media Contact: Wumi at marketing@evdances.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bfe05f92-c1b0-4a74-ad3b-17c9ecb97440China’s plan for 621MPH floating train that goes faster than a PLANE takes step forward with first track laid downA delegation led by Mr Batu Khasikov, Head of the Republic of Kalmykia, the Russian Federation, arrived in Nay Pyi Taw yesterday morning after travelling from Yangon by air. They were welcomed at the airport by Deputy Minister for Religious Affairs and Culture U Aye Tun, members of the Nay Pyi Taw Council, and other officials. The delegation later met SAC Member Mahn Nyein Maung and Union Ministers U Tin Oo Lwin, U Min Naung, Dr Nyunt Pe, and U Min Thein Zan at the M Gallery Hotel in Nay Pyi Taw. Discussions focused on enhancing bilateral cooperation, including promoting mutual exchanges in religious and cultural matters, collaborating to successfully organize the third International Buddhist Forum in Kalmykia in September 2025, encouraging investment in agriculture and livestock sectors, and sharing agricultural technologies and quality seeds, introducing the Myanmar language as a subject in Russian universities and facilitating exchanges of scholarships and academic programmes, strengthening ties in education, healthcare, youth affairs, and sports development, and exploring the possibility of direct air links between Kalmykia and Myanmar to support tourism and hospitality industries. In the afternoon, the delegation visited Uppatasanti Pagoda in Nay Pyi Taw, where they offered flowers and water to a sacred Buddha image, made monetary donations, and signed the guestbook. They also visited the White Elephant Lodge, feeding white elephants with nutritional supplements. In the evening, Union Minister U Tin Oo Lwin hosted a dinner in honour of the Kalmykia delegation at the M Gallery Hotel. The event was attended by SAC Member Mahn Nyein Maung, Union ministers, the Nay Pyi Taw Council chairman, deputy ministers, members of the Nay Pyi Taw Council, the Russian Ambassador to Myanmar, and delegation members. Following the dinner, the delegation visited the Maravijaya Buddha Image, where they paid their respects and toured the Buddha Garden on the premises. — MNA/TMT
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(BPT) - Has it been a while since you purchased a new TV? You might be surprised by how far TV technology has come since you bought your last set! Today's smart televisions offer dramatic improvements in picture quality and home screens that are far easier to navigate. Plus, they come with a host of cool features like voice control that you may not even know about. It's time to discover what you've been missing — and if you're asking yourself where to start, the Fire TV Buyer Insights Report can help. This independent study surveyed over 2,000 recent purchasers of smart TVs to learn everything from where they did their product research to why they decided to buy. With the holidays almost upon us, the insights in this report can help guide you as you kick off your seasonal shopping. Whether you're buying a gift, hosting a holiday gathering or looking for the perfect game-day screen, read on to find the best TV for your needs. How do you find the right TV? Here's how recent purchasers did it. When it comes to buying a new TV, there are several factors you'll want to consider, starting with who's going to be using it. The study found that spouses (36%), kids (13%), and even grandparents (1%) were involved in the purchase process, so be sure to keep your home's audience in mind. Beyond that, you'll also want to think about: Room size Smart TVs range in size from a 32-inch screen all the way up to a whopping 100 inches or more. To determine the right screen size for your room, follow this guideline: Small rooms: 32"–43" screen Medium rooms: 43"–55" screen Large rooms: 55+" screen As for viewing distance, divide the screen's diameter by 8 to get the ideal viewing distance in feet. For example, a 32-inch screen should be watched from about 4 feet away, while you'll want to be about 8 feet away from a 65-inch screen. Usage How you plan to use your new TV should play a large part in your decision-making process. If you're always looking for the latest show or movie to watch, your smart TV should offer optimal access to the latest streaming services. Gamers will experience better play on a TV with a high refresh rate, while sports enthusiasts will want to watch the big game on a set with smooth motion handling. Connected TV experience One of the most important considerations is how you'll use TV. In the study, 83% of TV purchasers said that easy access to content was one of the things they liked best about their new TV. But beyond being an all-in-one source for entertainment, your smart TV should also play well with other smart home devices. For instance, Fire TV allows you to pair compatible devices seamlessly like video doorbells, smart home devices, and more. And with select models, Fire TV's Ambient Experience can turn the biggest screen in your home into a beautiful, always-on smart display rotating through beautiful art, personal photos, and glanceable information like calendars and reminders. Knowledge is power Before you land on the perfect TV, you'll need to do a little research first. The study found that only 12% of shoppers bought their TV on an impulse, while 65% engaged in some form of product research. Most (82%) respondents conducted some or all of their research online for instant access to smart TV reviews and feature comparisons. In fact, over half of respondents who searched online mentioned digital retailers like Amazon as a great source for honest ratings and buyer reviews. Timing is everything According to the study, the time from research to purchase takes about two weeks, so plan ahead — especially if you're thinking about giving a TV as a holiday gift. There are also some great deals available during this time of year, so keep an eye out for sales and promotional offers. The big picture A new TV is a big purchase, so don't make it an impulsive one. Take the time to do your research and remember that everyone takes a different path to finding the perfect TV. Whether your search begins online, offline, or with a mix of both, it will end with a next-level viewing experience that's just right for the way you watch.Ulta Beauty Announces Third Quarter Fiscal 2024 Results
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/en
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The top five Japanese defense firms tallied sales of $10 billion in 2023, up 35 percent from the year before, according to an international security think tank, as the country continues its defense buildup amid Chinese and North Korean threats. Globally, the combined arms revenues of the world's 100 largest arms-producing and military services companies rose 4.2 percent to $632 billion, the Stockholm International Peace Research Institute said in an annual report, citing increased demand for weapons worldwide. Companies in regions where wars are being waged marked the largest percentage increases, with the two Russian companies with available data and six Middle Eastern firms on the list seeing combined sales climb 40 percent and 18 percent, respectively. Asia and Oceania saw a 5.7 percent rise, with Japanese and South Korean companies leading the growth in the region. Among the five Japanese companies in the top 100, Mitsubishi Heavy Industries Ltd racked up the highest revenue of $3.89 billion in 2023, up 23.9 percent, followed by Kawasaki Heavy Industries Ltd which generated $2.06 billion, up 16.4 percent. Fujitsu Ltd, NEC Corp and Mitsubishi Electric Corp ranked third through fifth. "The respective military-related domestic orders of all five were at least two times, and in some cases more than four times, higher in value than in 2022 when Japan launched its biggest military buildup program since the end of World War II," SIPRI said, citing Japan's growing demand for new aircraft and missiles. In the National Security Strategy revised in late 2022, Japan pledged to almost double its annual defense outlays in five years and advance domestic defense production and technology bases, as it faces security challenges from China, North Korea and Russia. The aggregate turnover logged by four South Korean companies grew 39 percent to $11 billion, with Hanwha Group posting $5.71 billion in revenue, a 52.7 percent surge, supported by export contracts with Australia, Poland and Britain for artillery and armored vehicles. The sharp growth in arms revenues among South Korean companies came as they are "trying to expand their share of the global arms market, including demand in Europe related to the war in Ukraine," Xiao Liang, a researcher with the SIPRI Military Expenditure and Arms Production Program, said in a press release issued on Dec 2. Taiwanese weapon system provider National Chung-Shan Institute of Science and Technology -- the only Taiwanese firm in the top 100 list -- increased revenues by 27 percent to $3.22 billion on domestic orders for missiles, drones and radars amid growing tensions with China, which sees the self-ruled island as its own territory, the report said. Chinese companies had the second-largest aggregate arms revenues after U.S. companies at $103 billion, but they recorded their lowest growth of 0.7 percent since 2019 due to the country's slowing economy, it said. The 41 companies in the top 100 based in the United States saw arms revenues total $317 billion, half the combined total of the 100 companies and 2.5 percent more than in 2022.Can Sir Keir Stramer stop giving endless speeches after 5 months of failure & plummeting polls...& just get to work?After Trump's Project 2025 denials, he is tapping its authors and influencers for key roles
In a bold move reshaping the consumer electronics landscape, Asia's SCG Far East (SCG) has acquired a majority stake in Maser Group, Africa's premier provider of high-quality, competitively priced consumer electronics. The deal, valued at $5 billion, fortifies Maser’s ambition to expand its influence globally and cements its role as a pioneering force in Africa's rapidly evolving tech market. Through this acquisition, SCG aims to bring its extensive experience and capital to help Maser scale its innovation-driven products across global markets, bringing new vigor to both African and Asian markets. CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now! “ Maser Group has been a true catalyst in transforming the African electronics sector, and this partnership gives us an incredible opportunity to further that innovation ,” stated Prateek Suri, CEO of Maser. “ SCG’s commitment to identifying and supporting dynamic entrepreneurs aligns perfectly with our vision. Together, we will accelerate our growth trajectory and enter a new phase of global impact .” Read also The intersection of technology and pilgrimage: An interview with Dr Abdullahi Ahmed Bappah Maser Group has long been a leader in Africa’s electronics sector, offering an innovative range of products that have gained traction across the continent and beyond. With roots that emphasize affordability without compromising quality, the brand has evolved into a symbol of modern African enterprise. By partnering with SCG, Maser now has the resources to pursue larger projects, further bolstered by the support of the influential Iloh family, known for their political and strategic insights that have shaped major business alliances across the continent. The acquisition is a milestone for both companies and highlights SCG’s goal to expand into untapped markets with high growth potential. The decision was not made lightly, as noted by SCG’s Head of M&A: “ Our criteria for identifying partners is straightforward: great management, great entrepreneurs, great people. Maser is the ideal partner with whom to grow together. Their innovative products have reshaped the African electronics market, turning it into a hub of digital innovation .” Read also Firm launches new phone brand, realme C61, targets young tech-hungry consumers This deal also sees the participation of key players from Series A and B funding rounds led by Innovation Group Asia Markets, whose support provided Maser with early-stage backing as it established its stronghold in Africa . Series C, finalized by SCG, positions Maser to benefit from SCG’s resources, expertise, and expansive distribution networks. PAY ATTENTION: Legit.ng Needs Your Help! Take our Survey Now and See Improvements at LEGIT.NG Tomorrow With a growing middle class and increased demand for high-quality consumer electronics, Africa is fast becoming a lucrative market for technology-driven companies. Maser's commitment to offering affordable yet high-end products has resonated with a broad spectrum of consumers, making it a prime investment opportunity for SCG. “ From the start, our aim was to redefine the consumer electronics market by addressing local needs with global standards ,” Prateek Suri noted. “ SCG’s investment allows us to keep innovating while ensuring African consumers have access to cutting-edge products. The support from SCG is not only financial but strategic, as we will be leveraging their networks, operational efficiencies, and technological expertise to achieve a stronger, more impactful reach .” Read also Insuretech firm, Cubecover bridges access gap with affordable services SCG’s acquisition also aligns with its ambition to support the growing market potential in Africa, which has been largely untapped by international tech players. This partnership will facilitate shared technological advancements and the distribution of new, innovative products developed specifically for African consumers, catering to their preferences and needs. Under the terms of the acquisition, Prateek Suri will lead Maser’s global expansion efforts, backed by SCG’s resources. The Maser Group’s equity, retained by Suri, will be reinvested into large-cap ventures across Africa, allowing Maser to extend its portfolio to new markets and continue its mission of empowering African consumers through affordable technology . This strategy is expected to foster further economic growth on the continent, creating jobs and enhancing digital literacy. Maser’s growth is also deeply influenced by the guidance and support of the Iloh family, who bring a unique blend of political acumen and business insights to the table. Their backing has been instrumental in creating an environment conducive to the company’s ambitious expansion plans, ensuring that Maser remains agile in a competitive market. Read also CBN mandates banks to move to new FX trading platform, gives commencement date “ Our long-standing commitment to the African market has been the driving force behind our sustained growth ,” said Suri. “ We see this partnership as a springboard to scale operations and bring products to markets that were previously beyond our reach. The synergy with SCG allows us to blend African ingenuity with global best practices, crafting products that resonate on an international scale. ” With the acquisition finalized, SCG and Maser are poised to revolutionize Africa's consumer electronics industry and set a new benchmark for quality and innovation. Both companies are optimistic about the partnership’s potential to unlock unprecedented growth opportunities, bringing more products to African consumers while exploring additional markets in Asia and beyond. “ Maser Group is not just a company; it is a testament to the dynamism and potential of the African market ,” stated SCG’s Head of M&A. “ Together, we will not only enhance the African technology landscape but will also open doors for collaboration between Asia and Africa, harnessing the strengths of both regions to deliver unrivaled value .” Read also Elon Musk launches ChatGPT rival, xAI, new company hits $50bn valuation after raising $5bn This acquisition marks a new era for Maser and SCG, solidifying their joint commitment to elevating African consumer electronics on the global stage. With Prateek Suri at the helm of its global expansion and SCG’s unwavering support, Maser Group is set to become a formidable force in the tech world, championing African innovation while setting new industry standards. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: Legit.ngFunding fuels production ramp-up at U.S.-based facility, bringing advanced lead detection and smart home technology to market SCOTTSDALE, Ariz. , Dec. 10, 2024 /PRNewswire/ -- Notation Labs Inc. announced today the successful completion of a $2 million credit facility to scale up production of its innovative QwelTM smart home device. This funding provides the company with the financial flexibility and liquidity needed to expand manufacturing capacity and meet increasing customer demand as it prepares for market launch. Javascript is required for you to be able to read premium content. 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NEW YORK (AP) — Technology stocks pulled Wall Street to another record amid mixed trading. The S&P 500 rose 0.2% Monday after closing November at an all-time high. The Dow Jones Industrial Average fell 0.3%, and the Nasdaq composite gained 1%. Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared after saying an investigation found no evidence of misconduct by its management or the company’s board. Retailers were mixed coming off Black Friday and heading into what’s expected to be the best Cyber Monday on record. Treasury yields held relatively steady in the bond market. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — Technology stocks are pulling Wall Street toward another record amid mixed trading on Monday. The S&P 500 rose 0.2% in afternoon trading after closing its best month of the year at an all-time high . The Dow Jones Industrial Average was down 86 points, or 0.2%, with a little more than an hour remaining in trading, while the Nasdaq composite was 0.9% higher. Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 31.1% to lead the market. Following accusations of misconduct and the resignation of its public auditor , the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company's board. It also said it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance. Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 2.9% for Meta Platforms were the two strongest forces pushing upward on the S&P 500. Intel was another propellant during the morning, but it lost an early gain to fall 1.1% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street's frenzy around AI. Stellantis, meanwhile, skidded following the announcement of its CEO’s departure . Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3% in Milan. The majority of stocks in the S&P 500 likewise fell, including California utility PG&E. It dropped 3.7% after saying it would sell $2.4 billion of stock and preferred shares to raise cash. Retailers were mixed amid what’s expected to be the best Cyber Monday on record and coming off Black Friday . Target, which recently gave a forecast for the holiday season that left investors discouraged , fell 1.6%. Walmart , which gave a more optimistic forecast, rose 0.3%. Amazon, which looks to benefit from online sales from Cyber Monday, climbed 1.3%. The stock market largely took Donald Trump’s latest threat on tariffs in stride. The president-elect on Saturday threatened 100% tariffs against a group of developing economies if they act to undermine the U.S. dollar. Trump said he wants the group, headlined by Brazil, Russia, India and China, to promise it won’t create a new currency or otherwise try to undercut the U.S. dollar. The dollar has long been the currency of choice for global trade. Speculation has also been around a long time that other currencies could knock it off its mantle, but no contender has come close. The U.S. dollar’s value rose Monday against several other currencies, but one of its strongest moves likely had less to do with the tariff threats. The euro fell amid a political battle in Paris over the French government’s budget . The euro sank 0.7% against the U.S. dollar and broke below $1.05. In the bond market, Treasury yields gave up early gains to hold relatively steady. The yield on the 10-year Treasury climbed above 4.23% during the morning before falling back to 4.19%. That was just above its level of 4.18% late Friday. A report in the morning showed the U.S. manufacturing sector contracted again last month, but not by as much as economists expected. This upcoming week will bring several big updates on the job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy. Economists expect Friday's headliner report to show U.S. employers accelerated their hiring in November, coming off October's lackluster growth that was hampered by damaging hurricanes and strikes. “We now find ourselves in the middle of this Goldilocks zone, where economic health supports earnings growth while remaining weak enough to justify potential Fed rate cuts,” according to Mark Hackett, chief of investment research at Nationwide. In financial markets abroad, Chinese stocks led gains worldwide as monthly surveys showed improving conditions for manufacturing, partly driven by a surge in orders ahead of Trump’s inauguration next month. Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by Trump once he takes office. Indexes rose 0.7% in Hong Kong and 1.1% in Shanghai. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.