FILE PHOTO: The logo for Lululemon Athletica is seen outside a retail store in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid
(Reuters) – Lululemon Athletica Inc (LULU.O) raised its quarterly sales and profit outlook on Monday, boosted by strong holiday season demand.
The athleisure apparel retailer now expects profit per share for the quarter ending Feb. 2 to be between $2.22 and $2.25, up from its prior range of $2.10 to $2.13.
Lululemon in December had forecast its holiday quarter sales largely below Wall Street expectations.
The Vancouver, Canada-based company’s improved forecast comes after retailers including Kohl’s Corp (KSS.N), Macy’s Inc (M.N) and J.C. Penney Co Inc (JCP.N) reported mixed holiday results amid competition from e-commerce giants including Amazon.com Inc (AMZN.O).
Lululemon also raised its quarterly net revenue forecast to between $1.37 billion and $1.38 billion, from $1.32 billion to $1.33 billion.
The company’s shares, which have risen 1.4% so far this year, nearly doubled in 2019.
(This story refiles to remove reference to CEO quote in advisory)
Reporting by Praveen Paramasivam in Bengaluru; Editing by Vinay Dwivedi