Lululemon Athletica Inc. raised its revenue guidance for its fourth quarter, but lowered its expectations for its gross margins.
The company, which keeps its books in U.S. dollars, says it expects net revenue for the quarter will be in a range of US$2.66 billion to US$2.7 billion, compared with its earlier guidance for a range of US$2.605 billion to US$2.655 billion.
The guidance implies an increase in revenue of 25 to 27 per cent compared with the same quarter a year earlier.
However, the company says it expects its gross margins for its fourth quarter to decline compared with earlier expectations that they would rise.
The athletic clothing maker says it expects gross margins for the fourth quarter of its 2022 financial year to decline 90 to 110 basis points compared with earlier expectations for an increase of 10 to 20 basis points. (A basis point is one-hundredth of a percentage point.)
Lululemon's diluted earnings per share are now expected to be in a range of US$4.22 to US$4.27 for the quarter compared with the company's previous guidance for a range of US$4.2 to US$4.3.
This report by The Canadian Press was first published Jan. 9, 2023.
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Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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