Lululemon Athletica (NASDAQ:LULU) Releases FY23 Earnings Forecast
Lululemon Athletica (NASDAQ:LULU – Get Rating) released an update to its fiscal 23 earnings guidance Thursday morning. The company provided earnings guidance of $9.35-9.50 per share for the period, compared to the consensus estimate of earnings per share of $9.35. The company released a revenue forecast of $7.61 billion to $7.71 billion, compared to the consensus revenue estimate of $7.58 billion. Lululemon Athletica also updated its guidance for fiscal year 2022 to $9.35-$9.50 EPS.
Shares of NASDAQ:LULU traded at $12.62 in Thursday’s midday session, hitting $302.58. 4,259,059 shares were traded, against an average volume of 1,586,594. The stock has a market capitalization of $38.70 billion, a price/earnings ratio of 40.34, a P/E/G ratio of 1.57 and a beta of 1.31. The company’s 50-day moving average price is $336.93 and its 200-day moving average price is $352.95. Lululemon Athletica has a 12-month low of $251.51 and a 12-month high of $485.83.
Lululemon Athletica (NASDAQ:LULU – Get Rating) last released quarterly earnings data on Thursday, June 2. The apparel retailer reported EPS of $1.48 for the quarter, beating analyst consensus estimates of $1.43 by $0.05. The company posted revenue of $1.61 billion for the quarter, versus analyst estimates of $1.55 billion. Lululemon Athletica had a return on equity of 37.92% and a net margin of 15.59%. The company’s quarterly revenue increased 31.6% year over year. In the same period a year earlier, the company earned earnings per share of $1.16. Research analysts expect Lululemon Athletica to post earnings per share of 9.34 for the current fiscal year.
Lululemon Athletica said its board approved a share buyback program on Tuesday, March 29 that allows the company to repurchase $1.00 billion of outstanding stock. This repurchase authorization allows the clothing retailer to purchase up to 2.1% of its shares through open market purchases. Share repurchase programs usually indicate that the company’s board of directors believe its shares are undervalued.
LULU has been the subject of a number of recent analyst reports. Zacks Investment Research reaffirmed a hold rating on Lululemon Athletica shares in a Thursday, March 17 research note. B. Riley lowered his price target on Lululemon Athletica from $487.00 to $440.00 in a Tuesday, May 17 research note. Sanford C. Bernstein assumed cover for Lululemon Athletica in a Monday, March 14 research note. They issued an underperforming rating and a price target of $260.00 on the stock. Morgan Stanley moved Lululemon Athletica from an equal weight rating to an overweight rating and lowered its price target for the company from $339.00 to $303.00 in a Thursday, May 26 research note. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on Lululemon Athletica from $428.00 to $423.00 and placed a buy rating on the stock in a Thursday, April 21 research note. One research analyst gave the stock a sell rating, six gave the stock a hold rating and twenty gave the stock a buy rating. According to MarketBeat, the stock has a consensus buy rating and an average target price of $441.50.
A number of hedge funds and other institutional investors have recently increased or reduced their stakes in LULU. IHT Wealth Management LLC increased its stake in Lululemon Athletica shares by 2.1% in Q1. IHT Wealth Management LLC now owns 2,267 shares of the clothing retailer valued at $828,000 after purchasing 46 additional shares during the period. Beacon Pointe Advisors LLC increased its stake in Lululemon Athletica by 4.1% during the first quarter. Beacon Pointe Advisors LLC now owns 1,222 shares of the clothing retailer valued at $446,000 after buying 48 additional shares in the last quarter. Sequoia Financial Advisors LLC increased its equity stake in Lululemon Athletica by 5.1% in Q1. Sequoia Financial Advisors LLC now owns 1,060 shares of the clothing retailer worth $387,000 after buying 51 additional shares last quarter. International Assets Investment Management LLC increased its equity stake in Lululemon Athletica by 3.5% in Q1. International Assets Investment Management LLC now owns 1,615 shares of the clothing retailer worth $590,000 after buying 54 more shares last quarter. Finally, Global Wealth Management Investment Advisory Inc. increased its stake in Lululemon Athletica shares by 60.2% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 197 shares of the clothing retailer worth $72,000 after buying 74 more shares in the last quarter. Institutional investors and hedge funds hold 85.48% of the company’s shares.
About Lululemon Athletica (Get a rating)
lululemon athletica inc., together with its subsidiaries, designs, distributes and retails athletic apparel and accessories for women and men. It operates in two segments, company-operated stores and direct-to-consumer. The company offers pants, shorts, tops and jackets for healthy lifestyle and sports activities, such as yoga, running and working out, and other sweaty activities.
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