September 8, 2021
(Reuters) – Lululemon Athletica Inc raised its full-year forecast on Wednesday, after beating revenue estimates on strong demand for its comfortable leggings and sports bras, sending the apparel maker’s shares up 9%.
Sportswear makers saw strong demand over the past year as people worked out at home during the COVID-19 pandemic, spurring sales of Lululemon and other athletic wear makers, including Nike Inc and Under Armour Inc.
The owner of Mirror home-fitness platform said it now expects annual net revenue to be in the range of $6.19 billion to $6.26 billion, compared with its prior range of $5.83 billion to $5.91 billion.
Lululemon forecast full-year adjusted earnings per share to be between $7.38 to $7.48, compared with its prior range of $6.73 to $6.86.
Net revenue rose to $1.45 billion in the second quarter, from $902.9 million a year earlier. Analysts on average had expected net revenue of $1.34 billion, according to IBES data from Refinitiv.
(Reporting by Mehr Bedi in Bengaluru; Editing by Amy Caren Daniel)
Source Link Lululemon raises full-year forecast betting on strong athleisure demand
