Lululemon reported healthy first quarter profits that beat Wall Street's estimates.
compared with what Wall Street was anticipating, based on a survey of analysts compiled by Refinitiv:The company's reported net income for the three-month period that ended April 30 was $290.4 million, or $2.28 per share, compared with $190 million, or $1.48 per share, a year earlier.China revenue alone grew 79% from the year-ago period, when the country was still reeling from Covid restrictions and roughly one-third of Lululemon's 71 China stores were closed for a period of time.
The retailer now expects to see full-year revenue of $9.44 billion to $9.51 billion, up from a previous range of $9.31 billion and $9.41 billion, and beating Wall Street's projections of $9.37 billion, according to Refinitiv. It expects full year profits of $11.74 to $11.94 per share, compared with a prior range of $11.50 to $11.72. That also topped analysts' expectations, which called for $11.61 per share, according to Refinitiv.
The apparel retailer, which sells high-end yoga pants, shoes and other athletic wear, saw a 24% year-over-year increase in sales, even as itin the year ago period, which came during an easier macroeconomic backdrop. Comparable store sales in the most recent quarter jumped 13%, compared with StreetAccount estimates of 8.3% growth. Direct-to-consumer revenue, however, increased 16% from the prior-year period, falling short of the 22.3% jump analysts had expected, according to StreetAccount.
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