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Lululemon Athletica (NASDAQ:LULU) fell in after-hours trading on Thursday after guidance for the holiday quarter came in below the consensus expectation of analysts.
Comparable sales at stores were up 13% during the quarter or 14% on a constant-currency basis.
Total revenue was up 18.3% during the quarter on a constant dollar basis, led by a 49% jump in international markets and 12% gain in North America. Direct to consumer revenue rose 18% year-over-year vs. +20.3% consensus. DTC revenue accounted for 41% of sales.
Gross margin was 58.1% of revenue vs. 55.9% a year ago. Adjusted operating margin increased 80 basis points during the quarter to 19.8% of sales.
LULU opened 14 net new company-operated stores during the quarter to end with a store count of 686.
CFO Meghan Frank: "Our third quarter performance, which exceeded our expectations on the top- and bottom-line, reflects the ongoing strength of our business model and our teams' ability to successfully execute at a high level amid an uncertain macro environment. As we look to the end of our fiscal year and into 2024, we remain focused on driving long-term growth and creating value for all our stakeholders."
On the balance sheet, the company ended the quarter with its inventory position down 4% Y/Y to $1.66B. LULU also ended the quarter with a cash position of $1.1B and the capacity under its committed revolving credit facility was $393.4M.
Looking ahead, the company expects Q4 revenue to be in the range of $3.135B to $3.17B vs. $3.18B consensus. EPS is expected to fall in the range of $4.85 to $4.94 for the holiday quarter vs. $4.94 consensus.
Shares of Lululemon (LULU) dropped 3.91% in after-hours trading.
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