Lululemon Athletica (NASDAQ:LULU) Updates Q1 2024 Earnings Guidance

Lululemon Athletica (NASDAQ:LULU) issued an update on its first quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.350-2.400 for the period, compared to the consensus estimate of 2.550. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.3 billion. Lululemon Athletica also updated its FY 2024 guidance to 14.000-14.200 EPS.

Lululemon Athletica Stock Up 2.1 %

LULU traded up $9.79 during trading on Thursday, hitting $478.84. The company’s stock had a trading volume of 3,959,813 shares, compared to its average volume of 1,251,090. The firm’s 50 day moving average price is $464.77 and its two-hundred day moving average price is $441.63. The stock has a market capitalization of $60.42 billion, a price-to-earnings ratio of 60.92, a price-to-earnings-growth ratio of 1.63 and a beta of 1.33. Lululemon Athletica has a 12 month low of $300.78 and a 12 month high of $516.39.

Lululemon Athletica (NASDAQ:LULU) last issued its quarterly earnings results on Thursday, March 21st. The apparel retailer reported $5.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.00 by $0.29. Lululemon Athletica had a net margin of 10.89% and a return on equity of 44.81%. The business had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the prior year, the company earned $4.40 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts forecast that Lululemon Athletica will post 12.49 earnings per share for the current year.

Lululemon Athletica declared that its board has initiated a stock repurchase program on Thursday, December 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the apparel retailer to buy up to 1.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently commented on LULU. Roth Capital lifted their target price on Lululemon Athletica from $450.00 to $540.00 and gave the company an outperform rating in a research note on Friday, December 8th. Citigroup set a $520.00 target price on shares of Lululemon Athletica and gave the company a buy rating in a research report on Friday, December 8th. JPMorgan Chase & Co. lifted their price target on shares of Lululemon Athletica from $500.00 to $531.00 and gave the stock an overweight rating in a research report on Thursday, January 4th. Wells Fargo & Company increased their price objective on shares of Lululemon Athletica from $445.00 to $450.00 and gave the company an equal weight rating in a report on Friday, December 8th. Finally, Evercore upped their target price on shares of Lululemon Athletica from $475.00 to $540.00 and gave the company an outperform rating in a research report on Tuesday, December 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $503.07.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LULU. Fiduciary Trust Co. grew its stake in shares of Lululemon Athletica by 0.7% in the first quarter. Fiduciary Trust Co. now owns 4,075 shares of the apparel retailer’s stock valued at $1,484,000 after buying an additional 30 shares in the last quarter. Apollon Wealth Management LLC lifted its stake in Lululemon Athletica by 1.9% in the fourth quarter. Apollon Wealth Management LLC now owns 1,954 shares of the apparel retailer’s stock valued at $626,000 after acquiring an additional 36 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in shares of Lululemon Athletica by 2.9% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 1,465 shares of the apparel retailer’s stock valued at $565,000 after acquiring an additional 41 shares during the period. CreativeOne Wealth LLC increased its stake in shares of Lululemon Athletica by 5.1% during the 2nd quarter. CreativeOne Wealth LLC now owns 881 shares of the apparel retailer’s stock worth $333,000 after purchasing an additional 43 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC raised its holdings in shares of Lululemon Athletica by 15.9% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 320 shares of the apparel retailer’s stock valued at $163,000 after purchasing an additional 44 shares during the period. 91.50% of the stock is currently owned by institutional investors.

About Lululemon Athletica

Lululemon Athletica Inc, together with its subsidiaries, designs, distributes, and retails athletic apparel, footwear, and accessories under the lululemon brand for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities.