Scott Mill | CNBC Lululemon Athletica Inc. reported Thursday quarterly profit and revenue that beat analysts’ expectations as shoppers stocked up on workout gear, even as rising prices have hurt other retailers’ apparel sales. The company also raised its outlook for the year. Shares rose about 9% in after-hours trading.

Here are Thursday’s biggest analyst calls: Snap, Home Depot, Bed Bath & Beyond, Nvidia, Okta and more Here’s what the company reported compared to what Wall Street expected, based on a survey of analysts by Refinitiv:

Earnings per share: $2.20, adjusted, versus $1.87 cents expected Revenue: $1.87 billion vs. $1.774 billion expected

Same-store sales rose 23%, beating StreetAccount’s estimate of 17.6%. Net sales rose 29% to $1.87 billion. The company said traffic remains strong both in stores and online, even as rising inflation curbs consumer spending. Lululemon has a higher-income customer base that seems mostly unfettered by inflationary pressures. However, other higher-end retailers such as Nordstrom and Macy’s cut their outlooks this quarter on fears of slowing demand. Lululemon, on the other hand, has raised its guidance for two consecutive quarters. “Despite challenges around us in the macro environment, visitor traffic to our stores and e-commerce sites remains strong, which speaks to the strength of our multi-dimensional operating model,” Chief Financial Officer Megan Frank said in a news release . release. In-store traffic rose more than 30% and e-commerce traffic rose more than 40%, executives said on Thursday’s earnings call. The company hopes to further increase loyalty with a membership program launching soon. The membership program was announced at the end of the first quarter. It has a free tier and a $39 per month paid tier that give subscribers early access to product deals and exclusive items, as well as invitations to personal events. The company said the traffic increases are not attributable to advertising programs or product branding. “We have not changed our promotional pace,” CEO Calvin McDonald said on the earnings call. “We have no plans to do that.” Lululemon continued its brick-and-mortar expansion during the quarter, with 21 net new stores for a total of 600 locations. Inventories rose 85% to $1.5 billion compared to the same period last year. The company said it was “understocked” in the second quarter of 2021 due to supply chain bottlenecks. Retailers in general have had to contend with inflated inventory levels as shoppers adjust their spending habits. Lululemon said Thursday it is confident the inventory level will help it boost sales during the holiday shopping season. The company said it now expects 2022 revenue of between $7.865 billion and $7.940 billion, down from the $7.610 billion to $7.710 billion range it reported last quarter. The company also raised its adjusted earnings-per-share outlook to a range of $9.75 to $9.90, from last quarter’s guidance of $9.35 to $9.50 adjusted. The release also maintained the company’s long-term outlook for doubling net revenue to $12.5 billion from 2021 to 2026. The plan includes expanding its membership-based men’s apparel, footwear and fitness classes business. After the plan was announced in the spring, some analysts were cautious about Lululemon’s ability to meet the lofty long-term goal. Read the earnings announcement here. This is a developing story. Check back for updates.

title: “Lululemon Lulu Q2 2022 Earnings Klmat” ShowToc: true date: “2022-12-05” author: “Robert Knudsen”

Scott Mill | CNBC Lululemon Athletica Inc. reported Thursday quarterly profit and revenue that beat analysts’ expectations as shoppers stocked up on workout gear, even as rising prices have hurt other retailers’ apparel sales. The company also raised its outlook for the year. Shares rose about 9% in after-hours trading.

Here are Thursday’s biggest analyst calls: Snap, Home Depot, Bed Bath & Beyond, Nvidia, Okta and more Here’s what the company reported compared to what Wall Street expected, based on a survey of analysts by Refinitiv:

Earnings per share: $2.20, adjusted, versus $1.87 cents expected Revenue: $1.87 billion vs. $1.774 billion expected

Same-store sales rose 23%, beating StreetAccount’s estimate of 17.6%. Net sales rose 29% to $1.87 billion. The company said traffic remains strong both in stores and online, even as rising inflation curbs consumer spending. Lululemon has a higher-income customer base that seems mostly unfettered by inflationary pressures. However, other higher-end retailers such as Nordstrom and Macy’s cut their outlooks this quarter on fears of slowing demand. Lululemon, on the other hand, has raised its guidance for two consecutive quarters. “Despite challenges around us in the macro environment, visitor traffic to our stores and e-commerce sites remains strong, which speaks to the strength of our multi-dimensional operating model,” Chief Financial Officer Megan Frank said in a news release . release. In-store traffic rose more than 30% and e-commerce traffic rose more than 40%, executives said on Thursday’s earnings call. The company hopes to further increase loyalty with a membership program launching soon. The membership program was announced at the end of the first quarter. It has a free tier and a $39 per month paid tier that give subscribers early access to product deals and exclusive items, as well as invitations to personal events. The company said the traffic increases are not attributable to advertising programs or product branding. “We have not changed our promotional pace,” CEO Calvin McDonald said on the earnings call. “We have no plans to do that.” Lululemon continued its brick-and-mortar expansion during the quarter, with 21 net new stores for a total of 600 locations. Inventories rose 85% to $1.5 billion compared to the same period last year. The company said it was “understocked” in the second quarter of 2021 due to supply chain bottlenecks. Retailers in general have had to contend with inflated inventory levels as shoppers adjust their spending habits. Lululemon said Thursday it is confident the inventory level will help it boost sales during the holiday shopping season. The company said it now expects 2022 revenue of between $7.865 billion and $7.940 billion, down from the $7.610 billion to $7.710 billion range it reported last quarter. The company also raised its adjusted earnings-per-share outlook to a range of $9.75 to $9.90, from last quarter’s guidance of $9.35 to $9.50 adjusted. The release also maintained the company’s long-term outlook for doubling net revenue to $12.5 billion from 2021 to 2026. The plan includes expanding its membership-based men’s apparel, footwear and fitness classes business. After the plan was announced in the spring, some analysts were cautious about Lululemon’s ability to meet the lofty long-term goal. Read the earnings announcement here. This is a developing story. Check back for updates.