Sportswear retailer Lululemon releases Q3 2021 financial report. The company has lowered its forecast for sales of smart mirrors Mirror, after which the shares fell by 1%, to 412 $. Compared to the same quarter last year: revenue — 1.5 billion dollars (+30%); operating profit - 258 million (+26%); net profit - 188 million (+31%). How much has sales increased?: in North America - on 28%; in other countries - on 40%; comparable - on 27%. Revenue and net income were better than expected. Separately, Lululemon noted the high demand for menswear, sales of which increased by 44%. The company stated, what will fulfill the plan to double sales of menswear by the beginning of 2023. Sales of women's clothing - the retailer's main business - grew by 25%. According to the company, Online thanksgiving sales were the biggest ever. Digital sales accounted for 40% all quarterly revenue. According to Lululemon, sales in the fourth quarter and at the end of the year will be 2,2 and $ 6.3 billion. Analysts expected the same. But the company has halved the forecast for annual sales of the Mirror smart mirror, from 250 to 125 million dollars. Mirror is a smart home fitness device, which looks like a mirror with a built-in display. A year ago, in the midst of quarantine, Lululemon buys Mirror for $500 million. Lululemon changed its forecast for two reasons. The first is high competition in the market.. Second - all consumers returned to the gyms. Peloton faced the same problem. A month ago, the company announced a large quarterly loss and cut its annual sales forecast from 5,4 up to $ 4.4 billion. Since the beginning of November, Peloton shares have already dropped by 56%. And since the beginning of 2021, Lululemon shares have risen in price by 16%. Index S&P 500 за аналогичный период …
Lululemon reported better than expected, but stocks still fell Read more