Lululemon Athletica Inc. saw its stock soar 6.15% in pre-market trading on Monday. The sportswear maker raised its fourth-quarter sales and profit targets, citing strong demand for its apparel during the holiday shopping season.
Lululemon now expects Q4 net revenue to be in the range of $3.56 billion to $3.58 billion, up from its previous forecast of $3.48 billion to $3.51 billion. The company also increased its quarterly profit per share guidance to between $5.81 and $5.85, higher than the earlier estimate of $5.56 to $5.64.
The athleisure brand also said it 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 to 30 basis points.
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