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June 12 (Reuters) – Canadian sportswear manufacturer Lululemon Athletica Inc.'s earnings and earnings surpassed analysts' expectations Wednesday as efforts to boost store sales and online investment have borne fruit.
The company has also raised its earnings and revenue forecasts for the year.
For the year, the company now expects revenues of 3.73 to 3.77 billion dollars, against 3.75 billion to 3.74 billion dollars previously. Lululemon has forecast earnings per share of between $ 4.51 and $ 4.58, higher than its previous estimate of $ 4.48 to $ 4.55.
The company's shares rose 3% in prolonged trading.
The yoga pants specialist, pioneering the athleisure trend, sought to attract customers by strengthening its online presence in a highly competitive retail sector, including traditional Nike and UnderArmour sportswear manufacturers, as well as corporate customers. like Target and Gap.
Lululemon's comparable total business figure, a key indicator of the company's business, grew by 14%, while analysts expected an average of 11.6%, according to Refinitiv's IBES data.
The company's revenues reached $ 782.3 million in the three months ended May 5, compared with $ 649.7 million a year ago. Analysts had an average business turnover estimated at $ 755.3 million, according to Refinitiv's IBES data.
Net income was $ 96.6 million, or 74 cents a share, compared with $ 75.2 million or 55 cents a share a year earlier.
Analysts on average expected a profit of 70 cents per share. (Report by Shradha Singh in Bengaluru, edited by Maju Samuel)
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