Lululemon Athletica, Inc. reported that net revenue for the fourth quarter of fiscal 2024 will be in the range of $3.56 billion to $3.58 billion, representing growth of 11 percent to 12 percent compared to the fourth quarter of fiscal 2023, or growth of 6 percent to 7 percent excluding the 53rd week of 2024. The high-end yoga-focused retailer’s previous guidance range was $3.475 billion to $3.510 billion.
LULU expects diluted earnings per share to be in the $5.81 to $5.85 per share range for the fourth quarter of fiscal 2024 compared to its previous guidance range of $5.56 to $5.64 per share.
The company now expects gross margin to increase approximately 30 basis points relative to the fourth quarter of fiscal 2023, compared to its previous guidance of a decrease of 20 basis points to 30 basis points.
The company also expects selling, general, and administrative expenses to deleverage by 80 basis points to 90 basis points relative to the fourth quarter of fiscal 2023, compared to its previous guidance of deleverage of 90 basis points to 100 basis points. LULU’s previous guidance for the effective tax rate has not changed.
“During the holiday season, our guests responded well to our product offering, enabling us to increase our fourth quarter guidance,” said company CFO Meghan Frank. “As we close out our 2024 fiscal year, I want to thank our teams around the world for their hard work and ongoing commitment to supporting our guests and communities.”
Image courtesy Lululemon
