Shares of Lululemon Athletica Inc. (NASDAQ: LULU) are up nearly 6% Friday morning after the apparel retailer delivered better-than-expected second quarter earnings and sales.
The Vancouver-based Company said revenue grew 22% year-over-year to USD 883.4 Million during the period, ahead of Wall Street’s consensus of USD 846.8 Million. Earnings came in at USD 0.96 per share, compared to the average estimate of USD 0.89. Comparable sales grew 15%, topping forecasts of 12.2% growth.
Lululemon said it is focused on generating revenue growth in three areas in particular: Men’s, Digital, and International. In its latest quarter, Men’s revenue grew 35%, Digital comparable sales grew 31%, and International sales grew 34%. Lululemon in April said it plans to double its men’s and digital sales and to quadruple international sales by 2023.
Lululemon opened five net new stores during the three months ended August 4, finishing up the quarter with 460 total stores compared to 415 at the end of last year’s second quarter.
“We’re pleased with the ongoing strength across our business,” said Chief Executive Officer Calvin McDonald. We continue to make progress in delivering against our Power of Three growth pillars – product innovation, omni-guest experience, and market expansion. Our success demonstrates the significant runway in front of Lululemon and I’m grateful to our teams for bringing our vision to life.”
The Company said it expects to earn USD 4.63 to USD 4.70 per share on revenue of between USD 3.80 Billion and USD 3.84 Billion for the full year.
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