Lululemon Athletica lifts FY earnings guidance as Q1 results top estimates
Investing.com - Lululemon Athletica lifted its full-year earnings guidance Wednesday after reporting fiscal first-quarter results that topped Wall Street expectations as strong momentum in international sales boosted performance.
For 2024, diluted earnings per share are now expected to be in the range of $14.27 to $14.47, up from a prior estimate of $14.00 to $14.20 per share, while the revenue forecast of $10.70B to $10.80 was maintained, the company said.
Lululemon Athletica Inc (NASDAQ: LULU) shares gained 12% in after-hours trade following the report.
Lululemon Athletica reported earnings per share of $2.54 on revenue of $2.2 billion. Analysts polled by Investing.com anticipated EPS of $2.40 on revenue of $2.20B.
The beat was helped 20 basis points jump in gross margins to 57.7%.
Comparable sales increased 6%, or increased 7% on a constant dollar terms, underpinned by by "strong momentum in our international markets," the company said.
For Q2, the company sees earnings in a range of $2.92 to $2.97 share on revenue between $2.40B to $2.42B, compared with consensus for EPS of $3.03 on revenue of $2.45B.