US: Lululemon lifts full-year outlook after Q3 profit rise
- Q3 profit up 47% to $57.4m
- Revenue increased 37% to $316.5m
- Company lifts full-year earnings guidance
Yoga and workout wear company Lululemon Athletica has raised its full-year earnings guidance after reporting a 47% jump in third-quarter net profit.
Net income reached US$57.4m for the 13 weeks to 28 October, compared to $38.9m the same period last year.
Revenue increased 37% to $316.5m from $230.2m last year, while comparable store sales rose 18% on a constant dollar basis. Direct to consumer revenue was up 10.4% to $45.1m.
Gross margin edged down to 55.4% from 55.8% last year.
CEO Christine Day said: "Our stellar results were driven by first-rate execution, strong community engagement, beautiful product and continued strength in our ecommerce business."
The company now expects full-year net revenue to range from $1.36bn to $1.37bn, compared to previous guidance of $1.34-1.36bn. Full-year diluted earnings per share are expected to be between $1.81 and $1.83 against earlier estimates of $1.76-1.81.
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