Athletic wear company Lululemon Athletica (NASDAQ: LULU) reported strong earnings and revenue growth for the second quarter of 2023. The company also provided guidance for the third quarter.
At $2.2 billion, second-quarter revenues were up 18% from last year. Sales rose 11% in North America and climbed 52% in the rest of the world. The positive outcome reflects an 11% increase in comparable sales and a 15% growth in direct-to-customer revenues.
Reflecting the strong revenue growth, the company’s net income increased to $341.6 million or $2.68 per share in the July quarter from $289.5 million or $2.26 per share a year earlier.
For the third quarter, the management is looking for revenues in the range of $2.165 billion to $2.190 billion, representing a 17-18% growth. On a per-share basis, net income is expected to be in the range of $2.23 to $2.28. Full-year revenue is estimated in the range of $9.51 billion to $9.570 billion, representing growth of 17% to 18%. The earnings-per-share forecast for 2023 is $12.02-$12.17.
Lululemon’s CEO Calvin McDonald said, “Our Q2 results highlight the ongoing strength of the business amid a dynamic operating environment. I am proud of how our teams continue to deliver on our vision and offer an exciting pipeline of new products and experiences to our guests around the world.”