Athletic wear company Lululemon Athletica (NASDAQ: LULU) reported strong earnings and revenue growth for the second quarter of 2023. The company also provided guidance for the third quarter.
At $2.2 billion, second-quarter revenues were up 18% from last year. Sales rose 11% in North America and climbed 52% in the rest of the world. The positive outcome reflects an 11% increase in comparable sales and a 15% growth in direct-to-customer revenues.
Reflecting the strong revenue growth, the company’s net income increased to $341.6 million or $2.68 per share in the July quarter from $289.5 million or $2.26 per share a year earlier.
For the third quarter, the management is looking for revenues in the range of $2.165 billion to $2.190 billion, representing a 17-18% growth. On a per-share basis, net income is expected to be in the range of $2.23 to $2.28. Full-year revenue is estimated in the range of $9.51 billion to $9.570 billion, representing growth of 17% to 18%. The earnings-per-share forecast for 2023 is $12.02-$12.17.
Lululemon’s CEO Calvin McDonald said, “Our Q2 results highlight the ongoing strength of the business amid a dynamic operating environment. I am proud of how our teams continue to deliver on our vision and offer an exciting pipeline of new products and experiences to our guests around the world.”
The post LULU Earnings: A snapshot of Lululemon Athletica’s Q2 2023 financial results first appeared on AlphaStreet.
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