{"id":176369,"date":"2023-06-02T15:40:21","date_gmt":"2023-06-02T15:40:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=176369"},"modified":"2023-06-02T15:40:21","modified_gmt":"2023-06-02T15:40:21","slug":"lululemon-athletica-rises-on-upbeat-q1-results-outlook","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/lululemon-athletica-rises-on-upbeat-q1-results-outlook\/","title":{"rendered":"Lululemon Athletica Rises On Upbeat Q1 Results, Outlook"},"content":{"rendered":"
Shares of athletic apparel retailer Lululemon Athletica Inc. (LULU) are rising more than 13% after reporting better-than-expected first-quarter earnings. The company’s full-year outlook also came in above analysts’ view.<\/p>\n
“A meaningful acceleration in our China sales trend, coupled with lower air freight, contributed to our better than planned financial performance,” commented Meghan Frank, Chief Financial Officer.<\/p>\n
Net profit increased to $290.41 million or $2.28 per share in the first quarter from $189.99 million or $1.48 per share in the same quarter a year ago. Analysts on average polled by Thomson-Reuters were expecting earnings of $1.98 per share for the quarter.<\/p>\n
Revenue for the quarter grew 24% year-on-year to $2.0 billion.<\/p>\n
For the full year, the company expects net revenue to be in the range of $9.440 billion – $9.510 billion and EPS in the range of $11.74 – $11.94. Analysts expect the company to report earnings of $11.62 per share on revenue of $9.29 billion.<\/p>\n
LULU is at $371.18 currently. It has traded in the range of $258.79 – $389.06 in the last 1 year. <\/p>\n