Lululemon reported robust earnings in its first quarter in 2023 with a web income improve of 24% to $2 billion and a gross revenue improve of 32% to $1.2 billion. Though earnings had been strong throughout the board, Lululemon skilled important progress abroad with a 60% web income improve internationally.
Lululemon intends to open 30 to 35 shops abroad this 12 months, most of which can be in China, the place income grew by 79% alone within the newest quarter, per CNBC.
Following the earnings report on Thursday, inventory for the athleisure model surged by 13% in after-hours buying and selling.
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Lululemon expects a web income vary between $2.14 billion and $2.17 billion for the second quarter of 2023 and between $9.4 billion and $9.5 billion for the 12 months (which might mark almost 17% gross sales progress as in comparison with 2022).
It has been up and down for retail. Lululemon competitor Athleta had an 11% decline in web gross sales for Q1 2023.
Nevertheless, final week, Abercrombie & Fitch reported stunning earnings in its first quarter this 12 months with web gross sales of $836 million, up 3% in comparison with final 12 months, outpacing analyst predictions of a 1% decline.
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