Market Updates
Lululemon Athletica Lifted Annual Outlook After Comparable Sales Surged 14%
Scott Peters
02 Jun, 2023
New York City
Lululemon Athletica Inc soared 14% to 374.35 after the Athletic apparel retailer reported sharply higher revenue and earnings and the company lifted its full-year outlook.
Revenue in the latest quarter jumped 24% to $2.0 billion or increased 27% on a constant dollar basis.
Total comparable sales increased 14%, and comparable store sales increased 13% and direct to consumer sales jumped 16%.
Net revenue increased 17% in North America, and increased 60% internationally.
Net income increased to $290.4 million from $190 million and diluted earnings per share rose to $2.28 from $1.48 a year ago.
For the second quarter, the company estimated net revenue to be in the range of $2.14 billion to $2.17 billion, representing growth of approximately 15%.
Diluted earnings per share are expected to be in the range of $2.47 to $2.52 for the quarter.
For 2023, the retailer expects net revenue to be in the range of $9.44 billion to $9.51 billion, representing growth of approximately 17%.
Diluted earnings per share are expected to be in the range of $11.74 to $11.94 for the year.
The company revised its full-year revenue from between $9.31 billion and $9.41 billion to between $9.44 billion and $9.51 billion.
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