The athletic apparel retailer Lululemon reported Q2 #earnings that beat expectations.
Lululemon Athletica had a net income of $86.8 million, or 66 cents per share. The company’s revenue increased to $902.9 million, or 74 cents/share, beating the 56 cents/share estimated. Last year's revenue was $883.4 million. Analysts were expecting EPS of 56 cents, with a revenue of $844.5 million.
Its "direct to consumer" net #sales increased by 155%, and they made up 61% of the overall net sales. Lululemon didn't provide any guidance for the next period as it is "cautiously optimistic with regard to the second half of the year as (it) continue(s) to navigate the uncertain environment.” However, analysts estimate Q3 earnings of 94 cents a share and $977.6 million in revenue.
Despite being the company's largest quarterly gains in recent years, Lululemon stock price lost 2% following the report.
See how other retailers performed in Q2 here!
Sources: investors.com, marketwatch.com