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Lululemon Athletica on Thursday raised its full-year revenue and profit outlook, spurred by strong holiday demand for premium athletic wear in the U.S. The retailer surpassed third-quarter estimates and expanded gross margins, signaling resilient consumer interest and investor confidence ahead of the festive season.
Lululemon's Shares Surge Amid Raised Year-End Forecasts
According to Reuters, shares of Lululemon Athletica rose by 5% in extended trading on Thursday after the company raised its full-year revenue and profit projections, counting on strong demand for its athletic gear in the US during the holiday shopping season.
In order to maintain customer interest, the company has had to constantly introduce new legging colors and prints, much like its competitors.
"We are pleased with the start to our holiday season," stated Calvin McDonald, CEO of Lululemon, following the company's third-quarter revenue, which was also better than expected.
After previously predicting a range of $10.375–10.475 billion in sales for fiscal year 2024, the firm is now projecting a range of $10.452–10.487 billion.
Holiday Demand Fuels Strong Activewear Performance
Thanks to a turnaround plan that prioritizes cost savings and selling its core brands at full price, Under Armour (NYSE:UA) was able to raise its annual profit estimate last month, thanks to the robust demand for activewear goods in recent quarters.
In a similar vein, this month saw a return to positive growth for Gap's Athleta brand, thanks to the company's emphasis on trendy new styles and aggressive marketing.
A $1 billion boost to Lululemon's stock repurchase program was approved on December 3, according to the company's Thursday announcement, Investing.com shares.
Financial Gains Bolster Investor Confidence
The average analyst expectation was $2.36 billion, while the company's reported quarterly sales was $2.40 billion, according to data provided by LSEG.
In the third quarter, gross margins increased by 150 basis points, up from 80 basis points the previous quarter.
The diluted earnings per share range that Lululemon had previously predicted for 2024—$13.95 to $14.15—was also increased to between $14.08 and $14.16.
The business outperformed analysts' expectations for the third quarter, earning $2.87 per share after adjustments.
