Lululemon Athletic Inc. updated its fourth quarter earnings and revenue guidance. The athletic apparel retail company said it projects its fiscal fourth quarter earnings to grow at the high end of its mid-single digits expectation of early December. The company expects revenue growth at the high end of its mid-to-high teens expectation.
Ahead of the group's presentation to the ICR investor conference, CEO Calvin McDonald cited the momentum over the holiday period, and said that the investments in lululemon and MIRROR helped connect with guests both physically and digitally. "We remain confident about our opportunities in 2021 and committed to our Power of Three growth plan.” , added McDonald.
What’s more, Lululemon’s online sales surged by an annual rate of +93% last quarter, and are expected to offset any declines in physical sales volumes over the fourth quarter.