
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Lululemon Athletica said its gross profit increased by 24 percent to $870.4 million, whereas its gross margin decreased 320 basis points to 53.9 percent.
Lululemon Athletica Inc (NASDAQ: LULU) stock closed June 2 trading at $302.58, up 4.35 percent from the day’s opening price. The gains have topped 6 percent during the extended trading period. Whereby LULU shares traded around $309 as of June 2, 7:59 pm EDT. The spike in volatility on Thursday has been attributed to the Q1 fiscal 2022 earnings results published by Lululemon.
During the first quarter, the company reported earnings per share of $1.16 on revenue of $1.61B. Whereas analysts polled by Investing.com expected earnings per share of $1.43 on revenue of $1.55B.
Calvin McDonald, Chief Executive Officer, stated:
“In the first quarter of 2022, continued momentum in the business enabled us to achieve a strong start to the year. These results provide a solid foundation as we begin our next five-year journey and deliver against our new Power of Three ×2 growth plan.”
The Canadian athletic apparel retailer headquartered in Vancouver reported a revenue increase of 32% to $1.6 billion. Additionally, net revenue increased by 32 percent in North America and increased by 29 percent internationally.
Lululemon Athletica said its gross profit increased by 24 percent to $870.4 million, whereas its gross margin decreased 320 basis points to 53.9 percent.
Worth noting, that the company’s income from operations increased by 34 percent to $260.3 million. Notably, the company’s income tax expense increased by 43 percent to $70.3 million.
The company’s diluted earnings per share came in at $1.48 compared to $1.11 reported during the first quarter of 2021.
During the first quarter, the company undertook a stock repurchase program that cost $232.6 million. According to the Q1 report, the company repurchased 0.7 million of its shares at an average price of $328.40.
Lululemon Athletica has announced that it has opened five new stores thereby bringing them to a remarkable 579 stores.
According to market data provided by MarketWatch, LULU shares have traded on a downward trend for the past year. Whereby the company’s stock market is down approximately 4.66%, 22.70%, and 11.94% in the past year, YTD, and the past one month respectively. However, LULU shares are up approximately 5 percent in the past five days.
The company has a market valuation of approximately $38.6 billion. In the past 52 weeks, LULU shares ranged between $251.51 and $485.83.
Forward, the company expects net revenue for Q2 to be in the range of $1.750 billion to $1.775 billion. Additionally, the company expects diluted earnings per share are expected to be in the range of $1.89 to $1.94 for the quarter.
For the whole fiscal year, the company expects net revenue to be in the range of $7.610 billion to $7.710 billion.
Read other business news on Coinspeaker.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!