Lululemon Corp. has filed a registration statement with the SEC, and a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada, relating to a proposed initial public offering of approximately $200 million of its common stock. The proposed public offering is expected to consist of approximately $25 million of shares of common stock offered by Lululemon and the remaining shares offered by selling stockholders. The underwriters will have an option to purchase approximately $30 million of additional shares of common stock from selling stockholders.
In the SEC filing, Lululemon disclosed that 2007 fiscal year sales increased 77.0% to $148.9 million from $84.1 million in fiscal 2006. Comparable store sales increased 25% for the year on top of a 19% gain in 2006, while store count grew from 27 in 2006 to 41 at the end of fiscal 2007. Net income for the retailer increased nearly 450% to $7.7 million from $1.4 million in 2006.
Goldman, Sachs & Co. and Merrill Lynch & Co. will act as joint bookrunners. Credit Suisse, UBS Investment Bank, William Blair & Company, CIBC World Markets, Wachovia Securities and Thomas Weisel Partners LLC will be acting as co-managers.
