Expects net revenue of US$3.17 billion to US$3.19 billion for the fourth fiscal quarter
Author of the article:
Bloomberg News
Eric Pfanner
Published Jan 08, 2024 • Last updated 2 hours ago • 1 minute read
A Lululemon store at the Polaris Fashion Place mall on Black Friday in Columbus, Ohio. Photo by Matthew Hatcher/Bloomberg
Lululemon Athletica Inc. raised its guidance for sales and earnings after a strong holiday period for the activewear maker.
The company said it expects net revenue of US$3.17 billion to US$3.19 billion for the fourth fiscal quarter, up from a previous range that topped out at $3.17 billion. It now sees diluted earnings per share of as much as US$5, up from a previous high end of US$4.93.
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With its strong end to the year, Lululemon has bucked trends affecting rivals such as Nike Inc., which said in December that it was looking for as much as US$2 billion in cost savings amid a weaker sales outlook in China and around the world.
Lululemon shares were 3.3 per cent lower in premarket trading as some investors expected a bigger upgrade.
From its roots as a yogawear company, Lululemon has enticed shoppers globally with leggings and other sportswear that sell at premium prices.
The upgrade comes after Lululemon took a more cautious tone in December when the company’s fourth-quarter revenue guidance trailed Wall Street estimates.
At the time Meghan Frank, chief financial officer of Lululemon, said although Thanksgiving sales were pleasing, the company wanted to be “prudent with the planning” for the remainder of the quarter.
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On Jan. 8, she said in the statement that sales across all categories, channels and geographies are “balanced,” helping to drive the better-than-expected performance.
The upgrade comes after Lululemon distanced itself from its founder, Chip Wilson, after the former executive criticized the yogawear brand’s diversity and inclusion efforts in an interview.
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