FILE PHOTO: The logo for Lululemon Athletica is seen outside a retail store in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid
January 13, 2020
(Reuters) – Lululemon Athletica Inc <LULU.O> raised its quarterly sales and profit outlook on Monday, boosted by strong holiday season demand.
The athleisure apparel retailer now expects profit per share for the quarter ending Feb. 2 to be between $2.22 and $2.25, up from its prior range of $2.10 to $2.13.
Lululemon in December had forecast its holiday quarter sales largely below Wall Street expectations.
The Vancouver, Canada-based company’s improved forecast comes after retailers including Kohl’s Corp <KSS.N>, Macy’s Inc <M.N> and J.C. Penney Co Inc <JCP.N> reported mixed holiday results amid competition from e-commerce giants including Amazon.com Inc <AMZN.O>.
Lululemon also raised its quarterly net revenue forecast to between $1.37 billion and $1.38 billion, from $1.32 billion to $1.33 billion.
The company’s shares, which have risen 1.4% so far this year, nearly doubled in 2019.
(This story refiles to remove reference to CEO quote in advisory)
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Vinay Dwivedi)
