Lululemon Athletica (NASDAQ: LULU) reported an increase in revenues and profit for the first quarter of 2024. The athletic wear company also issued guidance for the second quarter and FY24. First-quarter net income increased to $321.42 million or $2.54 per share from $290.41 million or $2.28 per share in the same period last year. Gross profit increased 11% to $1.3 billion.
At $2.21 billion, April-quarter revenue was up 10% year-over-year on a reported basis, and up 11% on a constant currency basis. There was a 6% growth in comparable sales. In the Americas region, sales rose 3%, while International sales jumped 35%.
For the second quarter, the company expects net revenue to be in the range of $2.40 billion to $2.42 billion. The forecast for earnings per share is $2.92-$2.97 for the July quarter. The management continues to expect full-year 2024 revenue to be in the range of $10.7 billion to $10.8 billion, and earnings between $14.27 per share and $14.47 per share.
Lululemon’s CEO Calvin McDonald commented, “Guests responded well to our product innovations across
categories, and we are pleased by the progress we are making to optimize our U.S. product assortment. Looking ahead, we continue to have a significant runway for growth and are confident in our team’s ability to powerfully deliver for our guests in 2024 and beyond.”
