Lululemon Athletica Inc on Tuesday forecast annual sales and profit above Street estimates as the athleisure clothing maker rides on resilient demand and easing inventory glut, sending its shares up nearly 13% in extended trading.
A Lululemon sign is seen at a shopping mall in San Diego, California, U.S., November, 23, 2022. REUTERS/Mike Blakeon Tuesday forecast annual sales and profit above Street estimates as the athleisure clothing maker rides on resilient demand and easing inventory glut, sending its shares up nearly 13% in extended trading.
Vancouver, Canada-based Lululemon has benefited from wealthier shoppers still snapping up its higher-priced tops, yoga pants and shorts, in contrast to the general trend of inflation-wary customers cutting back on discretionary spending. Markdowns increased just 40 basis points in the holiday quarter compared to 2019 pre-pandemic levels, and are expected to remain flat in 2023.
Meanwhile, Lululemon is also making good progress in clearing its excess inventories. Inventories were up 50% at $1.4 billion at the end of the fourth quarter, compared to an 85% swell at the end of the prior quarter.Lululemon said it expects fiscal 2023 revenue between $9.30 billion and $9.41 billion, above analysts' average estimate of $9.14 billion, according to Refinitiv IBES data.
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