Lululemon Athletica Inc raised its annual sales and profit forecasts on Thursday as wealthy Americans snap up its pricey activewear even though inflation hounds wider retail spending, sending the company's shares up 13% after hours.
A Lululemon sign is seen at a shopping mall in San Diego, California, U.S., November, 23, 2022. REUTERS/Mike Blakeraised its annual sales and profit forecasts on Thursday as wealthy Americans snap up its pricey activewear even though inflation hounds wider retail spending, sending the company's shares up 13% after hours.
The pandemic-era appetite for comfortable clothing and activewear has turned into a habit for most Americans. That, along with a higher-income customer base, has been a boon for companies such as Lululemon and"We've seen no change in our behavior in terms of frequency of purchase or engagement," Lululemon CEO Calvin McDonald said on a post-earnings call. Transactions increased from both existing and new customers, while traffic was also robust.
"I think they surprised everybody ... There's not many companies in retail that have had this solid track record of very strong growth in comps every quarter," said M Science analyst Matthew Jacob. The easing of China's strict COVID-19 curbs bolstered revenues from the region by 79%, while North America sales jumped 17%.
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