Canadian sportswear provider Lululemon Athletica Inc. raised its sales and earnings targets on Monday, for the final quarter of the 2023/24 financial year.
"We are pleased with our results in the festive season," said chief financial officer (CFO) Meghan Frank ahead of a conference with analysts and investors. "Our sales trend across all sales channels, categories and regions allows us to increase our guidance for the fourth quarter and close out another strong year."
Specifically, the Vancouver-based yoga apparel specialist is now forecasting sales growth of 14 to 15 percent to 3.17 to 3.19 billion US dollars for the quarter that runs until the end of January. Previously, sales in the range of 3.135 to 3.170 billion dollars had been expected.
The forecast for diluted earnings per share in the final quarter, which had previously been between 4.85 and USD 4.93 dollars, was raised to between 4.96 and 5.00 dollars. The company is now also more confident with regard to the gross margin: according to current information, it is expected to reach 58.6 to 58.7 percent, after previously forecasting 58.3 to 58.6 percent.
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