Multinational athletic apparel retailer Lululemon Athletica expects its fourth-quarter earnings to fall within the lower end of the guidance range due to the impact of the Omicron variant, the firm announced in a filing.
- Lululemon expects net revenue at the low end of its $2.125 billion to $2.165 billion range, diluted earnings per share at the low end of $3.4 to $3.31, and adjusted diluted earnings per share at the low end of $3.25 to $3.32.
- Chief Executive Officer Calvin McDonald said the company was hit by the COVID-19 Omicron variant with increased capacity constraints and limited staff availability during the quarter.
- Lululemon ended the third quarter with a $1.5 billion net revenue, and $187.8 million net income or $1.44 per diluted share. Adjusted diluted earnings per share stood at $1.62 for the quarter.
McDonald said the company is pleased with its performance for the year, with optimism for the year ahead. LULU is down 5.69% premarket.