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- Lululemon jumped 6% early Friday, after exceeding analysts' second-quarter estimates and strengthening its annual earnings guidance.
- The sportswear company recorded a 35% growth in its sales for men. An April announcement revealed that the company hoped to double sales of men and online sales over the next five years.
- Lululemon announced the opening of its second "experiential" store at the Mall of America in Minneapolis in November. The first of these stores opened in Chicago in July and offers a restaurant, yoga classes and a meditation room.
- Watch Lululemon's trade live here.
Lululemon jumped 6% early Friday, after raising revenue expectations for 2019 and exceeding analysts' expectations for second quarter results.
The sportswear company's revenues were supported by 35% sales growth for men's products. In April, Lululemon announced a plan to double sales of men and online sales over the next five years and aim for annual growth in business turnover among the least affluent teenagers during this period . It also aims to quadruple international revenues by 2023.
Managing Director Calvin McDonald – who joined Lululemon in July 2018 – noted that the latest numbers of results were online for the five-year plan and that the momentum "remains strong".
"Our five-year vision has been underway for two quarters and I am delighted with the solid execution and passion of the company to continue to implement our growth priorities," McDonald told reporters Thursday.
Here are the key figures:
Adjusted earnings per share: $ 0.956, against an estimate of $ 0.889
Returned: $ 883.4 million against an estimate of $ 845.3 million
Comparable sales growth: + 17%, compared with the estimate of + 12%
Forecast earnings per share for 2019: $ 4.63 to $ 4.70, from the previous range of $ 4.51 to $ 4.58
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Lululemon has also announced plans to open its second "experiential" store at the Mall of America Mall in Minneapolis. The company opened its first store of its kind in Chicago in July. The flagship product includes a restaurant, three workout studios, a meditation room and events such as yoga classes and movie screenings. The new location "will offer several features" found in Chicago's flagship product when it opened in November, McDonald said.
Lululemon closed at $ 188.41 per share on Thursday, up about 55% since the beginning of the year.
The clothing retailer has 20 "buy" ratings, 12 "pending" ratings and a "sales" analyst rating, with a stated price target of $ 205.29, according to Bloomberg data .
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