Lululemon, a leading athletic apparel retailer, is facing challenges in its key market of the Americas. Despite meeting earnings expectations, the company reported stagnant comparable sales and provided a cautious outlook for the upcoming quarter. Lululemon’s optimistic full-year guidance indicates confidence in a turnaround later in the year.
In the first fiscal quarter, Lululemon exceeded Wall Street’s earnings forecast but narrowly surpassed revenue projections. The company’s performance, compared to analyst expectations, included earnings per share of $2.54 versus an expected $2.38 and revenue of $2.21 billion compared to an anticipated $2.19 billion.
Despite the lackluster growth, Lululemon’s stock surged by 10% in after-hours trading. Additionally, the company revealed plans to increase its stock buyback program by $1 billion.
For the quarter ending April 28, Lululemon reported a net income of $321 million, or $2.54 per share, up from $290 million in the previous period.
2024-06-05 17:06:34
Originally published on www.cnbc.com
