Lululemon Athletica (NASDAQ:LULU) Updates Q3 Earnings Guidance

Lululemon Athletica (NASDAQ:LULU) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.68-$2.73 for the period, compared to the consensus earnings per share estimate of $2.70. The company issued revenue guidance of $2.340-$2.365, compared to the consensus revenue estimate of $2.41 billion. Lululemon Athletica also updated its FY 2024 guidance to 13.950-14.150 EPS.

Lululemon Athletica Stock Up 0.1 %

NASDAQ LULU traded up $0.18 during trading hours on Thursday, reaching $259.01. 4,681,213 shares of the company were exchanged, compared to its average volume of 2,102,991. The stock has a market capitalization of $32.38 billion, a P/E ratio of 20.77, a P/E/G ratio of 1.25 and a beta of 1.26. Lululemon Athletica has a 1 year low of $226.01 and a 1 year high of $516.39. The business’s 50 day simple moving average is $273.65 and its 200-day simple moving average is $341.85.

Lululemon Athletica (NASDAQ:LULU) last announced its earnings results on Thursday, August 29th. The apparel retailer reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.96 by $0.19. Lululemon Athletica had a net margin of 16.09% and a return on equity of 42.64%. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same period in the previous year, the business earned $2.68 earnings per share. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lululemon Athletica will post 14.22 earnings per share for the current year.

Lululemon Athletica announced that its Board of Directors has approved a share buyback plan on Wednesday, June 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the apparel retailer to reacquire up to 2.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LULU. Wedbush lowered their price objective on Lululemon Athletica from $400.00 to $324.00 and set an outperform rating on the stock in a research report on Wednesday. The Goldman Sachs Group downgraded shares of Lululemon Athletica from a buy rating to a neutral rating and lowered their target price for the stock from $463.00 to $286.00 in a report on Friday, August 2nd. Citigroup decreased their target price on shares of Lululemon Athletica from $300.00 to $270.00 and set a neutral rating on the stock in a research report on Thursday, August 22nd. Truist Financial reaffirmed a buy rating and set a $310.00 target price on shares of Lululemon Athletica in a research note on Wednesday. Finally, TD Cowen decreased their target price on Lululemon Athletica from $420.00 to $375.00 and set a buy rating for the company in a research report on Tuesday. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $375.00.

Lululemon Athletica Company Profile

Lululemon Athletica Inc, together with its subsidiaries, designs, distributes, and retails athletic apparel, footwear, and accessories under the lululemon brand for women and men. It offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities. It also provides fitness-inspired accessories.