Coming off of a Holiday sales performance that finished at the top end of its guidance despite a tough environment, LULU promised investors at ICR that it would continue to deliver strong gross margin gains at least through the first half of 2017 and incremental gross margin gains after that as it benefits from scale in buying, less occupancy deleverage from its international expansion and leverage of its product development costs. Meanwhile, SG&A will also provide modest leverage despite investments in digital and store expansion as the heavy lifting on operational investment is now behind it and it will continue ... Log in to view full article.