Vancouver, British Columbia-based athletic apparel company, Lululemon athletica, has announced that it anticipates higher profit and revenue in the fourth quarter than previously anticipated, following a successful holiday season.
Lululemon has revised its revenue range for the period to $3.17 billion to $3.19 billion, reflecting a 14% to 15% increase compared to the prior-year period. This adjustment comes after analysts polled on FactSet forecasted a rise to $3.19 billion, surpassing the company's previous guidance of $3.14 billion to $3.17 billion.
Furthermore, the company now expects earnings per share to be between $4.96 and $5.00, up from the previously guided range of $4.85 to $4.93.
In addition to the improved financial outlook, Lululemon has also raised its gross margin expectations. The updated guidance now indicates a range of 58.6% to 58.7%, compared to the previous guidance of 58.3% to 58.6%.
Meghan Frank, Chief Financial Officer of Lululemon, attributes this positive update to the favorable response their products received during the holiday season. Frank emphasized that sales remained balanced across various channels, categories, and geographical regions.
"We are pleased with our performance and are confident in our ability to close out another strong year," said Frank.
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