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Lululemon’s fiscal Q3 tops Wall Street views, stock rises

Shares of Lululemon Athletica Inc. LULU, +1.52% rose nearly 3% in the extended session Thursday after the retailer reported profit and sales above Wall Street expectations, with online sales accounting for more than 40% of its total revenue for the quarter and offsetting store closures due to the COVID-19 pandemic. Lululemon said it earned $144 million, or $1.10 a share, compared with $126 million, or 96 cents, in the third quarter of fiscal 2019. Adjusted for one-time items, the company earned $1.16 a share. Revenue rose 22% to $1.1 billion, with direct-to-consumer revenue representing 43% of total sales, compared with a 27% share in the third quarter of fiscal 2019. Same-store sales increased 19%, the retailer said. Analysts polled by FactSet expected adjusted profit of 88 cents a share on sales of $1.02 billion. Lululemon stock ended the regular trading day up 1.5%.

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