Summary by Moomoo AI
On January 8, 2024, Lululemon Athletica Inc. released a press statement revising its revenue and earnings projections for the fourth fiscal quarter of 2023, which ends on January 28, 2024. The company now anticipates net revenue to be between $3.170 billion and $3.190 billion, marking a 14% to 15% increase from the same quarter the previous year, up from the previously forecasted range of $3.135 billion to $3.170 billion. Diluted earnings per share (EPS) are expected to be in the range of $4.96 to $5.00, an increase from the earlier guidance of $4.85 to $4.93. Gross margin projections have also been raised to 58.6% to 58.7%, compared to the prior estimate of 58.3% to 58.6%. The company's guidance for selling, general, and administrative expenses and the effective tax rate remains unchanged. Chief Financial Officer Meghan Frank expressed satisfaction with the company's holiday season performance, attributing the positive results to the strong customer response to Lululemon's product offerings. The company's sales trends have been balanced across various channels, categories, and geographies. Lululemon management is scheduled to meet with analysts and investors at the ICR Conference from January 8-10, 2024.