Canadian sportswear retailer Lululemon Athletica Inc. raised its sales and earnings targets for the final quarter of the 2023/24 fiscal year on Monday.
“We are pleased with our results during the holiday season,” said Chief Financial Officer (CFO) Meghan Frank ahead of a conference with analysts and investors. “Our sales trend across all channels, categories and regions allows us to increase our fourth quarter guidance, capping off another strong year.”
Specifically, the yoga clothing specialist from Vancouver is now expecting sales growth of 14 to 15 percent to between 3.17 and 3.19 billion US dollars (2.90 to 2.92 billion euros) for the quarter that runs until the end of January. Revenue was previously expected to be in the range of $3.135 billion to $3.170 billion.
Diluted earnings per share guidance for the final quarter, previously at $4.85 to $4.93, was raised to $4.96 to $5.00. The company is also now more confident when it comes to the gross margin: according to current knowledge, it should reach 58.6 to 58.7 percent, after previously forecasting 58.3 to 58.6 percent.