Lululemon Athletica (LULU.US) is surging more than 12% during today’s US trading session. The apparel retailer reported Q2 results that topped analysts estimates. Second-quarter net revenue amounted to $1.5 billion (+61% YoY), above the consensus estimate of $1.334 billion. Lululemon posted adjusted earnings of $1.65 per share while analysts expected $1.19 per share.
For the third quarter, the company expects net revenue to range between $1.4 billion and $1.43 billion (analysts expect $1.325 billion). Adjusted earnings are expected to range between $1.33 a share and $1.38 a share (analysts anticipate $1.32 a share). The company boosted its full-year forecast - figures topped analysts’ expectations as well.
Like other athletic apparel retailers, Lululemon has benefited from the reopening as more people take on exercise as a regular hobby. The firm highlighted growth in e-commerce, direct-to-consumer sales, international presence, and product innovation. “We launched exciting new products, experienced strength across channels and geographies, and announced new partnerships that will allow us to become a leader in product sustainability." said CEO Calvin McDonald.
Lululemon (LULU.US) stock opened with a huge bullish gap today. The price broke above recent highs (double top pattern on the daily chart above). As one may notice, the area near $380 served as both support and resistance level in recent months (key long-term support for now). Should the upward move continue, bulls may want to focus on the blue line, which limited the rally earlier in the summer. Source: xStation5
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