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

Lululemon Athletica (NASDAQ:LULU) updated its first quarter 2024 earnings guidance on Thursday. 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 Trading Up 2.1 %

LULU stock traded up $9.79 during midday trading on Thursday, reaching $478.84. 3,959,813 shares of the company’s stock traded hands, compared to its average volume of 1,251,090. Lululemon Athletica has a 52-week low of $300.78 and a 52-week high of $516.39. The stock has a market cap of $60.42 billion, a P/E ratio of 60.92, a PEG ratio of 1.63 and a beta of 1.33. The stock’s 50-day moving average is $464.77 and its 200 day moving average is $441.63.

Lululemon Athletica (NASDAQ:LULU) last announced its earnings results on Thursday, March 21st. The apparel retailer reported $5.29 EPS for the quarter, topping analysts’ consensus estimates of $5.00 by $0.29. Lululemon Athletica had a return on equity of 44.81% and a net margin of 10.89%. The company had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same period last year, the firm earned $4.40 EPS. Lululemon Athletica’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, research analysts expect that Lululemon Athletica will post 12.49 EPS for the current fiscal year.

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

Analyst Ratings Changes

LULU has been the subject of several research reports. Sanford C. Bernstein increased their price objective on shares of Lululemon Athletica from $400.00 to $430.00 and gave the company a market perform rating in a report on Thursday, January 4th. UBS Group upped their price objective on Lululemon Athletica from $429.00 to $470.00 and gave the company a neutral rating in a research report on Friday, December 8th. KeyCorp lifted their target price on Lululemon Athletica from $500.00 to $570.00 and gave the stock an overweight rating in a report on Friday, January 12th. Needham & Company LLC restated a buy rating and issued a $525.00 target price on shares of Lululemon Athletica in a report on Tuesday, February 20th. Finally, Bank of America lifted their price objective on shares of Lululemon Athletica from $450.00 to $520.00 and gave the company a buy rating in a report on Friday, December 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lululemon Athletica has a consensus rating of Moderate Buy and an average price target of $503.07.

Institutional Investors Weigh In On Lululemon Athletica

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

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.