Athletic wear company Lululemon Athletica (NASDAQ: LULU) reported an increase in revenues and profit for the fourth quarter of 2023. The company also issued guidance for the first quarter of 2024.
Fourth-quarter revenues increased 16% year-over-year to $3.2 billion. There was a 12% growth in comparable sales. Americas net revenue increased 9% and international revenue jumped 54%.
Net income jumped to $669.5 million or $5.29 per share during the three months from $119.8 million or $0.94 per share last year. Gross profit increased 25% to $1.9 billion.
For the first quarter of 2024, the company expects net revenue to be in the range of $2.175 billion to $2.200 billion, representing growth of 9-10%. Earnings, on a per-share basis, are expected to be in the range of $2.35 to $2.40 for the quarter. This assumes a tax rate of 29.0% to 29.5%.
Lululemon’s CEO Calvin McDonald said, “During the fourth quarter, we saw continued momentum across our channels, geographies, and merchandise categories, driven by our teams around the world. As we step into 2024, we are focused on the significant opportunities ahead for Lululemon as we navigate the dynamic retail environment and deliver for guests through innovative new products and brand activations.”