Lululemon reported strong earnings in its first quarter in 2023 with a net revenue increase of 24% to $2 billion and a gross profit increase of 32% to $1.2 billion. Although earnings were solid across the board, Lululemon experienced significant growth overseas with a 60% net revenue increase internationally.
Lululemon intends to open 30 to 35 stores overseas this year, most of which will be in China, where revenue grew by 79% alone in the latest quarter, per CNBC.
Following the earnings report on Thursday, stock for the athleisure brand surged by 13% in after-hours trading.
Related: The Founder of Lululemon Breaks Down His Rule of 3
Lululemon expects a net revenue range 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 year (which would mark nearly 17% sales growth as compared to 2022).
It’s been up and down for retail. Lululemon competitor Athleta had an 11% decline in net sales for Q1 2023.
However, last week, Abercrombie & Fitch reported surprising earnings in its first quarter this year with net sales of $836 million, up 3% compared to last year, outpacing analyst predictions of a 1% decline.
Related: Lululemon Hits Peloton With a Lawsuit for Its ‘Knockoff’ Designs
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
