Lululemon Posts Stronger Sales, Profit Despite Omicron Weighing on Business

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Athletic apparel company expanded into footwear this month with plans on building out offerings

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Lululemon said it opened 22 net new stores during the quarter, ending the fiscal year with 574. Sales at stores open for at least 12 months rose 32%.

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Lululemon in January warned that quarterly revenue and earnings would be at the low end of the company’s targets, citing several challenges with the Omicron variant including lower staff availability and reduced operating hours in some locations.

Earlier this month the company announced a move into footwear, launching the Blissfeel running shoe in certain stores with plans of expanding into additional styles through 2023.

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Lululemon projects revenue to rise between 20% and 22% this year from the $6.26 billion generated last year. Earnings per share are projected to be between $9.15 and $9.35 for the year. Both measures came in ahead of forecasts from analysts polled by FactSet.

Write to Charity L. Scott at [email protected]

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Credit: www.Businesshala.com /

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