Thursday, March 28, 2024
HomeFinancialLululemon (LULU) Q1 2022 earnings beat estimates

Lululemon (LULU) Q1 2022 earnings beat estimates


Pedestrians seen strolling previous Canadian athletic attire retailer Lululemon in Shanghai.

Alex Tai | SOPA Photos | LightRocket | Getty Photos

Lululemon on Thursday reported fiscal-first quarter revenue and income that outpaced Wall Avenue’s expectations, boosted by development on-line and within the retailer’s males’s division.

The athletic attire retailer additionally raised its monetary outlook for fiscal 2022, anticipating the momentum in its enterprise to proceed regardless of broader financial headwinds, together with purple sizzling inflation and the snarled provide chain.

Lululemon, which caters to a extra prosperous buyer, joins a gaggle of outlets together with Levi Strauss & Co., Nordstrom and Macy’s high-end Bloomingdale division which are luring customers with sufficient more money to splurge on new garments and equipment whereas costs are rising at charges final seen 4 a long time in the past.

Lululemon particularly was seen as a pandemic beneficiary, as folks sought out stretchy pants and comfy clothes to put on at dwelling. However now, whilst Individuals emerge from their houses to return to places of work and social outings, they’re nonetheless shopping for so-called athleisure gadgets.

Lululemon sees gross sales in fiscal 2022 in a variety of $7.61 billion to $7.71 billion, up from a previous forecast of $7.49 billion to $7.62 billion. Analysts have been searching for $7.54 billion, in response to Refinitiv knowledge.

The corporate expects to earn, on an adjusted foundation, between $9.35 and $9.50 per share, up from a previous vary of $9.15 to $9.35. Analysts have been searching for per-share earnings of $9.28.

Lululemon’s shares rose greater than 1% in prolonged buying and selling.

Here is how Lululemon did in its fiscal first quarter in contrast with what Wall Avenue was anticipating, based mostly on Refinitiv knowledge:

  • Earnings per share: $1.48 vs. $1.43 anticipated
  • Income: $1.61 billion vs. $1.53 billion

The retailer reported internet earnings in its fiscal first quarter of $190 million, or $1.48 per share, in contrast with internet earnings of $145 million, or $1.11 a share, a yr earlier.

Lululemon’s income grew roughly 32% to $1.61 billion from $1.23 billion a yr earlier.

For the second quarter, Lululemon expects income to be within the vary of $1.75 billion to $1.78 billion, topping analysts’ expectations for $1.71 billion.

Excluding the achieve on the sale of an administrative workplace constructing, adjusted earnings per share are anticipated to be within the vary of $1.82 to $1.87, forward of analysts’ expectations for $1.77.

Lululemon shares are down about 23% yr up to now.

This story is growing. Please verify again for updates.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments