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Bloomberg
Lululemon Athletica Inc rose after boosting its sales outlook for the current year — a sign that the pandemic-era trend towards comfy clothes is persisting.
The company sees net revenue in a range of $6.25 billion to $6.29 billion in the fiscal year ending on January 30, 2022. That’s up from a previous range that was capped at $6.26 billion. Lululemon also posted third-quarter revenue, adjusted profit and same-store sales, excluding currency effects, that outpaced expectations. Chief Executive Officer Calvin McDonald said he’s “pleased with our early holiday season performance.†The company is projecting revenue of $2.13 billion to $2.17 billion in the fourth quarter.
Supply chain problems are plaguing the apparel seller along with the rest of the industry, as logistical woes like port congestion and labour shortages cause havoc.
However, the company said it is happy with its performance “given the ongoing, industry-wide supply chain issues we continue to navigate,†said Chief Financial Officer Meghan Frank.
Lululemon opened 18 new stores in the period, bringing its network to 552 locations.