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Lululemon upbeat on holiday quarter
December 08, 2017
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TORONTO: Canadian yoga and leisure apparel maker Lululemon Athletica reported a higher-than-expected profit and gave an upbeat holiday-quarter forecast, sending its shares up nearly 7 per cent.

Vancouver-based Lululemon said that its holiday season was off to a great start, with the company experiencing its highest traffic and largest sales ever on Black Friday and on Cyber Monday.

The company said it expects holiday-quarter sales of $870 million to $885 million and an adjusted profit of $1.19 to $1.22 per share.

Analyst on average were expecting revenue of $866 million and a profit of $1.17 per share, according to Thomson Reuters.

Total comparable sales rose 8 per cent in the third quarter, fueled by double-digit growth in online traffic. Analysts on average had expected a 5.3 per cent rise in same-store sales.

The company said its targeted marketing efforts helped it attract new customers to its stores and website and also generate more sales from loyal shoppers.

Lululemon also said innovative new fabrics used in its women’s pants, launched in the third quarter, were a hit with customers, improving sales in the category by 24 per cent.

“While other players in the sports and athleisure market struggle, Lululemon continues to go from strength to strength,” Kevin Wathey, a consultant at research firm GlobalData Retail, said.

Reuters

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