A woman walks past a boarded up Lululemon store in Vancouver on March 25, 2020.DARRYL DYCK/The Canadian Press
Lululemon Athletica Inc beat analysts’ estimates for quarterly revenue on Thursday, helped by strong holiday demand, but the athletic apparel maker did not issue a full-year outlook due to uncertainty caused by the coronavirus pandemic.
Shares of the Vancouver-based company fell about 3% after the closing bell.
Like all retailers, the Vancouver-based company shut doors in China, and earlier this month temporarily closed all stores in the United States to contain the outbreak.
“We are now navigating an extraordinary environment, which is currently impacting our business,” Chief Executive Officer Calvin McDonald said in a statement.
Since first detected in China late last year, the virus has infected more than 500,000 and killed over 22,000 globally, including about 1,000 in the United States, forcing several governments to lock down cities, restrict travel and encourage citizens to stay at home.
Lululemon, popular for its yoga apparel and classes in stores, also canceled yoga classes and store-based events in North America but has been streaming the classes for its customers.
Total revenue rose 19.7% to $1.40 billion in the fourth quarter ended Feb. 2. Analysts on average had estimated revenue of $1.38 billion, according to IBES data from Refinitiv.
The company’s net income rose to $298 million, or $2.28 per share, from $218.5 million, or $1.65 per share, a year earlier.
Excluding one-time items, the company earned $2.28 per share, beating estimates of $2.24.
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