Lululemon Athletica Inc raised its quarterly sales and profit outlook on Monday, boosted by strong holiday season demand.
The athleisure apparel retailer now expects profit per share for the quarter ending Feb. 2 to be between US$2.22 and US$2.25, up from its prior range of US$2.10 to US$2.13.
Lululemon in December had forecast its holiday quarter sales largely below Wall Street expectations.
The Vancouver, Canada-based company’s improved forecast comes after retailers including Kohl’s Corp, Macy’s Inc and J.C. Penney Co Inc reported mixed holiday results amid competition from e-commerce giants including Amazon.com Inc.
Lululemon also raised its quarterly net revenue forecast to between US$1.37 billion and US$1.38 billion, from US$1.32 billion to US$1.33 billion.
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The company’s shares, which have risen 1.4 per cent so far this year, nearly doubled in 2019.
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