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Pedestrians wearing protective masks walk past a Lululemon store in San Francisco, Calif. On Monday, March 29, 2021.
David Paul Morris | Bloomberg | Getty Images
Lululemon on Tuesday reported revenue and profit for the holiday quarter that beat analyst estimates, boosted by the sportswear maker’s online activity and double-digit sales growth in its women’s and men’s divisions.
It also offered good sales prospects in the current quarter and year, anticipating continued consumer demand for its sweat-wicking leggings and sports bras.
Its shares rose about 1% after hours of trading.
Here’s how Lululemon did in the quarter ended Jan. 31 compared to what analysts expected, based on a poll by Refinitiv:
- Earnings per share: $ 2.58 adjusted vs. $ 2.49 expected
- Turnover: $ 1.73 billion against $ 1.66 billion expected
Lululemon reported net income of $ 329.8 million, or $ 2.52 per share, compared with net income of $ 298 million, or $ 2.28 per share, a year earlier. Excluding one-off items, the company gained $ 2.58 per share, better than the $ 2.49 expected by analysts.
Its revenue rose about 24% to $ 1.73 billion, from $ 1.4 billion a year earlier. It exceeded expectations by $ 1.66 billion.
Its online sales jumped 92% as many consumers preferred to stay at home and shop from the comfort of the sofa during the Covid pandemic. Women’s sales rose 19% and men’s sales rose 17% in the quarter, the company said.
In North America, revenue increased 21%, while international sales increased 47%.
Lululemon now expects first-quarter revenue to be between $ 1.10 billion and $ 1.13 billion, compared to an average analyst estimate of $ 999.5 million, according to Refinitiv.
“We are still at the start of our growth, fueled by exciting innovations,” CEO Calvin McDonald said in a statement.
For fiscal 2021, the company is asking for revenues of between $ 5.55 billion and $ 5.65 billion, compared to an average analyst estimate of $ 5.42 billion.
Lululemon shares are down around 8% year-to-date, as the market closed on Tuesday. Lululemon has a market cap of $ 41.3 billion.
Find Lululemon’s press release here.
This story is developing. Please come back for updates.
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