VANCOUVER — Lululemon Athletica Inc. reported an 18 per cent surge in profits last quarter, prompting it to raise its fiscal forecast for the year after beating expectations.
The Vancouver-based company, which reports in U.S. dollars, says net income jumped to US$341.6 million in the three months ended July 30 from US$289.5 million a year earlier.
The retailer says net revenue in its second quarter also rose 18 per cent to US$2.21 billion from US$1.87 billion the year before.
Comparable store sales increased seven per cent year-over-year, while direct-to-consumer net revenue leaped 15 per cent.
The gains prompted Lululemon to boost its full-year outlook for the second time this year, forecasting net revenue in the range of US$9.51 billion to US$9.57 billion — 17 per cent to 18 per cent growth — versus guidance of between US$9.4 billion and US$9.5 billion three months ago.
The company says diluted earnings reached US$2.68 per share last quarter versus US$2.26 the year before, beating analyst expectations of US$2.54 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Aug. 31, 2023.
The Canadian Press