lululemon athletica inc announced financial results for the third quarter ended November 3, 2013. For the thirteen weeks ended November 3, 2013: Net revenue for the quarter increased 20% to $379.9 million from $316.5 million in the third quarter of fiscal 2012. Comparable stores sales for the third quarter increased by 5% on a constant dollar basis. Direct to consumer revenue increased 37% to $62.0 million, or 16.3% of total Company revenues, in the third quarter of fiscal 2013, an increase from 14.3% of total Company revenues in the third quarter of fiscal 2012. Gross profit for the quarter increased 17% to $204.6 million, and as a percentage of net revenue gross profit decreased to 53.9% for the quarter from 55.4% in the third quarter of fiscal 2012. Income from operations for the quarter increased 14.6% to $92.3 million, and as a percentage of net revenue was 24.3% compared to 25.5% of net revenue in the third quarter of fiscal 2012. The tax rate for the quarter was 29.5% compared to 30.1% a year ago. Diluted earnings per share for the quarter were $0.45 on net income of $66.1 million, compared to diluted earnings per share of $0.39 on net income of $57.3 million in the third quarter of fiscal 2012. For the thirty-nine weeks ended November 3, 2013: Net revenue for the first three quarters of fiscal 2013 increased 21% to $1,070.2 million from $884.9 million in the same period of fiscal 2012. Comparable stores sales for the first three quarters of fiscal 2013 increased by 7% on a constant dollar basis.
Direct to consumer revenue increased 39% to $165.3 million, or 15.5% of total company revenues, in the first three quarters of fiscal 2013, an increase from 13.4% of total company revenues in the first three quarters of fiscal 2012. Gross profit for the first three quarters of fiscal 2013 increased 15% to $561.3 million, and as a percentage of net revenue gross profit was 52.4% for the first three quarters as compared to 55.2% in the same period of fiscal 2012. Income from operations for the first three quarters of fiscal 2013 increased 6% to $237.2 million, and as a percentage of net revenue was 22.2% as compared to 25.3% of net revenue in the same period of fiscal 2012. The effective tax rate for the first three quarters of fiscal 2013 was 29.7% compared to 28.7% a year ago. Diluted earnings per share for the first three quarters of fiscal 2013 were $1.16 on net income of $169.9 million, compared to diluted earnings per share of $1.11 on net income of $161.2 million the same period of fiscal 2012. The Company ended the third quarter of fiscal 2013 with $600.7 million in cash and cash equivalents compared to $439.4 million at the end of the third quarter of fiscal 2012. Inventory at the end of the third quarter of fiscal 2013 totaled $206.2 million compared to $164.7 million at the end of the third quarter of fiscal 2012. The Company ended the quarter with 247 stores in North America and Australia.
