Athletic apparel chain Lululemon Athletica Inc raised its full-year revenue forecast on Thursday, as demand for athleisure clothing such as sports bras, leggings, and hoodies during the pandemic showed little signs of slowing.
People stuck at home during COVID-19 lockdowns last year ditched dresses and jeans for more comfortable clothing, benefiting Lululemon, Aerie and Athleta.
The company said it now expects annual revenue to be between $6.25 billion and $6.29 billion, compared with its previous forecast of $6.19 billion to $6.26 billion. Analysts had expected full-year revenue of $6.27 billion, according to Refinitiv IBES data.
Lululemon’s revenue rose to $1.45 billion in the third quarter, from $1.12 billion a year earlier. Analysts had expected revenue of $1.44 billion.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.