CANADA: Lululemon ups guidance on sales growth
Yoga wear firm Lululemon Athletica has raised its guidance for the fourth quarter of fiscal 2010.
For the fourth quarter ending 30 January, the company now expects diluted earnings per share to be in the range of $0.55 to $0.57 as compared to its previous guidance range for diluted earnings per share of $0.46 to $0.48.
The company's improved guidance reflects stronger than anticipated net revenues for the quarter, Lululemon said. It now expects net revenue to be in the range of $237m to $239m for the fourth quarter of fiscal 2010. This compares to previous guidance of net revenue in the range of $210m to $215m for the quarter, and compares to net revenue of $161m for the fourth quarter of fiscal 2009.
Christine Day, lululemon’s CEO stated: "We are wrapping up another record year for Lululemon, one in which we were able to drive strong earnings growth due to exceptional results across our retail and e-commerce channels. In 2010, we were able to strengthen our brand awareness while making key investments for the future.
"We will be chasing inventory for the remainder of the fourth quarter and into the spring season, and in the near term will be focused once again on matching supply with demand. For fiscal 2011, our plans remain to open 20-25 stores while making key strategic investments to support our long term growth trajectory."
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