Lululemon raises guidance for the year as earnings and sales beat expectations

Lululemon on Thursday reported fiscal-first quarter profit and revenue that outpaced Wall Street’s expectations, boosted by growth online and in the retailer’s men’s division.

The athletic apparel retailer also raised its outlook for fiscal 2022, expecting the momentum in its business to continue in spite of broader economic headwinds.

Lululemon sees sales in fiscal 2022 in a range of $7.61 billion to $7.71 billion, up from a prior forecast of $7.49 billion to $7.62 billion. Analysts were looking for $7.54 billion, according to Refinitiv data.

The company expects to earn, on an adjusted basis, between $9.35 and $9.50 per share, up from a prior range of $9.15 to $9.35. Analysts were looking for per-share earnings of $9.28.

Lululemon’s shares jumped 2% in extended trading.

Here’s how Lululemon did in its fiscal first quarter compared with what Wall Street was expecting, based on Refinitiv data:

• Earnings per share: $1.48 vs. $1.43 expected
• Revenue: $1.61 billion vs. $1.53 billion

The retailer reported net income in its fiscal first quarter of $190 million, or $1.48 per share, compared with net income of $145 million, or $1.11 a share, a year earlier.

Lululemon’s revenue grew roughly 32% to $1.61 billion from $1.23 billion a year earlier.

Lululemon shares are down about 23% year to date.

This story is developing. Please check back for updates.