Lululemon (LULU) reviews outcomes for the third quarter of 2020
Lululemon Athletica store exterior, Ponce City Market.
John Greim | LightRocket | Getty Images
Lululemon reported sales of $ 1.1 billion on Thursday, up 22% year over year, beating analysts’ estimates as shoppers visited the retailer’s stores and website to purchase workout clothes during the reporting period.
In North America, net sales increased 19% driven by the e-commerce business.
Due to the uncertainty surrounding the Covid-19 pandemic, which has forced it to temporarily close a handful of its stores, Lululemon does not offer a full outlook for 2020.
However, CFO Meghan Frank noted that the company planned the holiday quarter “based on multiple performance scenarios” and he believes it is “well positioned” for the holiday season.
Lululemon stock rose more than 3% in after-hours trading.
Here’s how the retailer behaved in the third quarter of fiscal year compared to analyst expectations based on refinitive data:
- Earnings per share: $ 1.16, adjusted versus 88 cents expected
- Revenue: $ 1.12 billion versus $ 1.02 billion expected
At the close of trading on Thursday, Lululemon shares were up more than 59% since the start of the year. It has a market capitalization of $ 48.1 billion.
The full press release on the results can be found here.
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