Athletic wear company Lululemon Athletica (NASDAQ: LULU) reported higher sales and profit for the second quarter of 2024. The management forecasts high-single-digit revenue growth for fiscal 2024.
Second-quarter profit increased to $392.9 million or $3.15 per share from $341.6 million or $2.68 per share in the same period last year. Gross profit increased 9% to $1.4 billion. The company reported revenues of $2.37 billion for the July quarter, up 7% from the prior-year quarter. Comparable sales increased by 2%, or 3% on a constant dollar basis
For fiscal 2024, the company expects revenue to be in the range of $10.38 billion to $10.48 billion, representing growth of 8% to 9%. Full-year earnings per share are expected to be between $13.95 and $14.15, assuming a tax rate of approximately 30%.
Lululemon’s CEO Calvin McDonald commented, “In the U.S., our teams continue to optimize our product assortment and remain focused on driving forward our opportunities in the market. Looking ahead, we feel confident in the long runway in front of us as we execute our Power of Three ×2 growth plan.”