Athletic wear company Lululemon Athletica (NASDAQ: LULU) reported an increase in revenues for the third quarter of 2023. The company also issued guidance for the fourth quarter.
Third-quarter revenues increased 19% year-over-year to $2.2 billion. There was a 13% growth in comparable sales. Direct-to-consumer net revenue, which represents 41% of total revenues, increased 18%.
Net income decreased modestly to $248.7 million or $1.96 per share during the three months from $255.5 million or $2.00 per share last year. On an adjusted basis, earnings per share was $2.53.
For the fourth quarter, the management expects net revenue to be in the range of $3.14 billion to $3.17 billion, representing a 13-14% growth. Earnings per share are expected to be between $4.85 and $4.93 in Q4. In the full fiscal year, net revenue is expected to come in the range of $9.55 billion to $9.58 billion, representing a growth of 18%. The forecast for EPS is $11.77-$11.85 for 2023.
Lululemon’s CEO Calvin McDonald said, “As we enter the holiday season, we are pleased with our early performance and are well-positioned to deliver for our guests in the fourth quarter. I am energized by the significant opportunities ahead, and would like to thank our incredible teams around the world for their continued passion and commitment to our brand.”