For the second quarter, Lululemon Athletica is expected to report net revenue of between $2.140 billion and $2.170 billion, representing growth of approximately 15 percent.
Lululemon Athletica Inc (NASDAQ: LULU), a Canadian multinational athletic apparel retailer, announced its fiscal 2023 first quarter (Q1) results on June 1. During the first quarter, Lululemon Athletica announced revenue of $2 billion, while analysts polled by REFINITIV expected $1.93. Arab. Additionally, the company reported its earnings per share (EPS) for the first quarter, which came in at $2.28, compared to the $1.98 expected by analysts polled by REFINITIV. As a result, LULU shares were up about 13.29 percent during the after-hours market on Thursday and were trading at around $372.
The company valued at $43.96 billion has seen its share market gain nearly 3 percent YTD as per the latest market data.
A closer look at Lululemon Athletica Q1 2023 highlights
As announced for the first quarter, Lululemon Athletica reported net income of $290.4 million, or $2.28 per share, compared to $190 million, or $1.48 per share, during the same period a year ago. Calvin McDonald, Chief Executive Officer, said the company has made significant investments in innovative products and quality relationships with customers around the world.
“This year we celebrate our 25th anniversary, and our community-based model remains one of our biggest competitive advantages. We are excited about the future and remain on track to deliver on our Power of Three × 2 growth plan,” McDonald couple,
Specifically, the company’s net revenue grew nearly 17 percent in North America and 60 percent internationally during the first quarter ended April 30, compared to the same period last year. Additionally, the company’s direct-to-consumer net revenue was 42 percent of total net revenue, compared to approximately 45 percent during the same time last year.
Worth noting is that Lululemon’s gross profit jumped nearly 32 percent to $1.2 billion during the first quarter. As a result, the company announced the repurchase of approximately 0.3 million shares of common stock at an average price of $336.37 per share for a total cost of $98.1 million.
During the first quarter, Lululemon Athletica opened seven new stores, ending the quarter with 662 stores. As a result, the company forecast even better results for the remainder of the year as it revised down the FY23 outlook.
For the second quarter, Lululemon Athletica is expected to report net revenue of between $2.140 billion and $2.170 billion, representing growth of approximately 15 percent. For the full year, the company revised down its net revenue outlook to $9.440 billion to $9.510 billion, thus representing growth of approximately 17 percent.
According to Meghan Frank, the company’s chief financial officer, lower airfare and accelerated China sales contributed to the quarter’s good performance.
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