Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology.
Let us all WIN!
Lululemon Athletica announced a revenue of about $2.2 billion, up approximately 18 percent compared to the same time last year.
Canadian multinational athletic apparel retailer Lululemon Athletica Inc (NASDAQ: LULU) released its Q2 2023 financial results and the full-year outlook on Thursday. According to the announcement, the company’s operations continued to strengthen during the second quarter amid a dynamic operating environment. During the second quarter, Lululemon Athletica reported earnings per share (EPS) of $2.68 compared to $2.54 expected by analysts surveyed by Refinitiv. Additionally, the company announced a revenue of about $2.21 billion compared to the $2.17 billion expected by Wall Street analysts.
As a result, LULU shares closed Thursday trading at $381.26, up 1.20 percent from the day’s opening price. The gains in LULU shares extended during the after-hours with a bump of about 1.51 percent, hence registering a YTD performance of approximately 19 percent.
Lululemon Athletica Q2 2023 Performance
During the second quarter, the company announced that its net revenue in North America increased by about 11 percent compared to approximately 52 percent internationally. The comparable store sales increased by about 7 percent during the second quarter, whereas the direct-to-consumer net revenue increased by 15 percent. The company’s Chief Executive Officer, Calvin McDonald, attributed its performance to widened markets amid heightened economic uncertainty.
“… I am proud of how our teams continue to deliver on our vision and offer an exciting pipeline of new products and experiences to our guests around the world. Our continued ability to gain market share and bring new customers into the brand illustrates the significant runway ahead for Lululemon,” McDonald noted.
By the end of the second quarter, Lululemon Athletica registered gross profits of about $1.3 billion, up approximately 23 percent YoY. Notably, the company returned about $191.7 million to shareholders through a share buyback program. Furthermore, the company expects to report more revenue in full-year results, especially after ending the quarter with a total of 672 stores.
“… We are excited about our opportunities in the second half of the year and look forward to continue delivering on our Power of Three ×2 growth plan,” Meghan Frank, Chief Financial Officer at Lululemon noted.
Having ended the second quarter with about $1.1 billion in cash and cash equivalents, the company expects to report a revenue of $2.165 billion to $2.190 billion during the third quarter, hence representing a growth of between 17 percent to 18 percent. Additionally, the company expects to report earnings per share of between $2.23 to $2.28 during the third quarter.
For the full year, Lululemon expects to report a revenue of between $9.510 billion to $9.570 billion, thus representing a growth of about 17 percent to 18 percent.
For the second quarter, Lululemon Athletica expects to report net revenue of between $2.140 billion and $2.170 billion, thereby representing growth of approximately 15 percent.
Lululemon Athletica Inc (NASDAQ: LULU), a Canadian multinational athletic apparel retailer, announced the results for the first quarter (Q1) of fiscal 2023 on June 1. During the first quarter, Lululemon Athletica announced revenue of $2 billion, whereas analysts surveyed by REFINITIV expected $1.93 billion. Additionally, the company reported its earnings per share (EPS) for the first quarter came in at $2.28 versus the $1.98 expected by analysts surveyed by REFINITIV. As a result, LULU shares gained approximately 13.29 percent during the after-hours market on Thursday to trade around $372.
The $43.96 billion valued company has seen its stock market gain approximately 3 percent YTD according to the latest market data.
Closer Look at Lululemon Athletica Q1 2023 Highlights
According to the first quarter announcement, Lululemon Athletica reported a net income of $290.4 million, or $2.28 per share, compared with $190 million, or $1.48 per share during the same time a year ago. Calvin McDonald, Chief Executive Officer, noted that the company has invested significantly in innovative products and quality relationships with customers across 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 added.
Notably, the company’s net revenue increased approximately 17 percent in North America and 60 percent internationally during the first quarter that ended on April 30, compared to the same period last year. Additionally, the company’s direct-to-consumer net revenue represented 42 percent of total net revenue, compared to approximately 45 percent during the same time last year.
Worth noting that Lululemon’s gross profit increased by about 32 percent during the first quarter to $1.2 billion. As a result, the company announced it repurchased about 0.3 million shares, in 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 thus ending the quarter with 662 stores. Consequently, the company forecast even better results for the remaining part of the year as it revised the FY23 outlook.
For the second quarter, Lululemon Athletica expects to report net revenue of between $2.140 billion and $2.170 billion, thereby representing growth of approximately 15 percent. For the whole year, the company revised the outlook to net revenue of between $9.440 billion to $9.510 billion, hence representing growth of approximately 17 percent.
According to Meghan Frank, the company’s Chief Financial Officer, the lower air freight and accelerated China sales contributed to the good performance for the quarter.
Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology.
Let us all WIN!