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Lululemon reported earnings that beat Wall Street’s estimates on the top and bottom lines Thursday and raised its full-year guidance, bolstered by improvements in China and freight costs.
Shares of the company surged more than 12% in extended trading.
Here’s how the retailer did in its fiscal first quarter compared with what Wall Street was anticipating, based on a survey of analysts compiled by Refinitiv:
- Earnings per share: $2.28 vs. $1.98 expected
- Revenue: $2 billion vs. $1.93 billion expected
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.
Sales rose 24% to $2 billion, up from $1.61 billion 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.
“Our Q1 results were strong as guests…
2023-06-01 18:26:06
Original from www.cnbc.com
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