Investing
Lululemon sees 2023 sales, profit above estimates on steady demand
© Reuters. FILE PHOTO: A Lululemon sign is seen at a shopping mall in San Diego, California, U.S., November, 23, 2022. REUTERS/Mike Blake
(Reuters) -Lululemon Athletica Inc forecast annual sales and profit above Wall Street estimates on Tuesday, betting that demand for its pricier yoga wear and athleisure clothing would hold strong even as inflation drags consumer spending.
Shares of the company rose 3% in extended trading after its holiday-quarter sales also beat market expectations.
Even as stubbornly high prices of essential goods force customers to cut down on discretionary purchases such as apparel, wealthier shoppers are still spending on Lululemon’s tops, yoga pants and shorts, bolstering traffic both online and in stores.
While Lululemon has offered more discounts to clear excess inventories, a move that has squeezed margins, analysts have noted that the company’s top-selling products and core categories are still selling at full price.
The company said it expects fiscal 2023 revenue between $9.30 billion and $9.41 billion, compared with analysts’ average estimate of $9.14 billion, according to Refinitiv IBES data.
Lululemon expects full-year profit in the range of $11.50 to $11.72 per share, compared with analysts’ estimate of $11.26 per share.
Read the full article here
-
Side Hustles5 days ago
3 Steps You Can’t Miss When Growing Your Business
-
Side Hustles7 days ago
Protect Your Business With AdGuard VPN’s Powerful Security Features
-
Passive Income7 days ago
This Minimalist Lamp Lets You Pick From 16 Million+ Lighting Colors for Maximum Productivity
-
Make Money6 days ago
15 Jobs That Will Shrink the Fastest Over the Next Decade
-
Side Hustles6 days ago
How to Maximize Your Profits With This Annual 8-Step Checklist
-
Passive Income6 days ago
Why Email Marketing Is Still Your Business’s Most Powerful Tool
-
Side Hustles6 days ago
Want to Start a Business? Consider Buying One Instead — Here’s Why.
-
Investing5 days ago
Germany stocks lower at close of trade; DAX down 0.65% By Investing.com