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Shares in
Lululemon Athletica
rose nearly 2% in expanded retail on Thursday after the sportswear retailer beat earnings estimates and raised its revenue forecast for the fiscal year.
The company (ticker: LULU) announced that its adjusted diluted earnings for the third quarter Was $ 1.62 per share, compared to $ 1.16 in the third quarter of 2020. Analysts surveyed by FactSet expected $ 1.40 per share. Revenue for the quarter was $ 1.5 billion, above analysts’ forecast of $ 1.4 billion.
Comparable or equivalent sales increased 27%.
Lululemon
opened 18 new company-operated stores during the quarter, ending with 552 stores worldwide.
Lululemon has also increased its full year revenue outlook. It now expects revenue in the $ 6.250 to $ 6.290 billion range, up from a previous $ 6.19 to $ 6.26 billion range. Adjusted diluted earnings per share are expected to range between $ 7.69 and $ 7.76.
The company said its recovery has accelerated thanks to strong consumer demand over the past few months and brand awareness, but notes that the rise of the new Omicron variant could affect the new forecast.
Shares of Lululemon Athletica rose nearly 2% in expanded trading Thursday after the sportswear retailer beat earnings estimates and raised its fiscal year sales guidance.
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