Lululemon Athletica Inc (NASDAQ: LULU) reported third-quarter financial results Thursday after the bell. Here's a look at the key metrics from the quarter.
Q3 Earnings: Lululemon said third-quarter revenue increased 19% year-over-year to $2.2 billion, which beat the consensus estimate of $2.19 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $2.53 per share, which beat analyst estimates of $2.28 per share.
North America net revenues increased 12% year-over-year. International revenues were up 49% year-over-year. Total comparable sales were up 13% year-over-year, comparable store sales were up 9%, and direct-to-consumer sales increased 18%. Inventories were down 4% year-over-year.
Lululemon opened 14 new company-operated stores during the third quarter, bringing its total store count up to 686. The company ended the quarter with $1.1 billion in cash and equivalents.
Lululemon said it had $243.2 million remaining on its previous stock repurchase program. The board also authorized an additional $1 billion buyback.
"This was another strong quarter for lululemon as our innovative product offerings and community activations continued to powerfully resonate with our guests globally. As we enter the holiday season, we are pleased with our early performance and are well-positioned to deliver for our guests in the fourth quarter," said Calvin McDonald, CEO of Lululemon.
Outlook: Lululemon sees fourth-quarter revenue in the range of $3.135 billion to $3.17 billion versus estimates of $3.18 billion. The company anticipates full-year 2023 revenue of $9.549 billion to $9.584 billion. Full year earnings are expected to be between $12.34 and $12.42 per share.
LULU Price Action: Lululemon shares were down 3.91% after hours at $446.01 at the time of publication, according to Benzinga Pro.