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Pedestrians sporting protecting masks stroll previous a Lululemon retailer in San Francisco, California, on Monday, March 29, 2021.
David Paul Morris | Bloomberg | Getty Photos
Lululemon on Tuesday reported income and revenue for the vacation quarter that topped analysts’ estimates, boosted by the athletic attire maker’s on-line enterprise, and double-digit gross sales progress in each its ladies’s and males’s divisions.
It additionally supplied an upbeat outlook for gross sales in the course of the present quarter and for the yr, anticipating client demand for its sweat-wicking leggings and sports activities bras will proceed.
The corporate’s shares had been up about 1% in after-hours buying and selling.
This is how Lululemon did in the course of the quarter ended Jan. 31 in contrast with what analysts had been anticipating, based mostly on a ballot by Refinitiv:
- Earnings per share: $2.58 adjusted vs. $2.49 anticipated
- Income: $1.73 billion vs. $1.66 billion anticipated
Lululemon reported internet earnings of $329.8 million, or $2.52 per share, in contrast with internet earnings of $298 million, or $2.28 per share, a yr earlier. Excluding one-time objects, the corporate earned $2.58 per share, higher than the $2.49 anticipated by analysts.
Its income spiked roughly 24% to $1.73 billion from $1.4 billion a yr earlier. That topped expectations for $1.66 billion.
Its on-line gross sales surged 92%, as many shoppers most well-liked staying put at residence and buying from the consolation of the couch in the course of the Covid pandemic. Ladies’s gross sales had been up 19%, and males’s grew 17% in the course of the quarter, the corporate stated.
In North America, income grew 21%, whereas worldwide gross sales rose 47%.
Direct-to-consumer gross sales practically doubled, and represented 52% of whole gross sales within the quarter, in contrast with 33% of gross sales in the course of the year-ago interval, it stated.
“We’re nonetheless within the early innings of our progress, fueled by thrilling improvements,” CEO Calvin McDonald stated in an announcement.
Lululemon now expects first-quarter income to be in a spread of $1.10 billion to $1.13 billion, in contrast with analysts’ common estimate of $999.5 million, in response to Refinitiv.
For fiscal 2021, the corporate is looking for income to be in a spread of $5.55 billion to $5.65 billion, in contrast with analysts’ common estimate of $5.42 billion.
It cautioned, nevertheless, that additional resurgences in Covid-19, together with from variants, might trigger extra restrictions that would suppress shopper demand in addition to result in provide chain disruption.
For now, the corporate stated it stays on observe to achieve the targets it beforehand charted to hit by 2023, together with doubling its males’s and on-line gross sales, and quadrupling worldwide revenues.
Lululemon additionally now owns at-home health gear maker Mirror, which affords one other income progress past the pants, tops and exercise equipment that it sells.
Lululemon’s shares are down about 8% yr thus far, as of Tuesday’s market shut. The corporate has a market cap of $41.3 billion.
Discover the press launch from Lululemon right here.
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