Lululemon Athletica Inc (NASDAQ:LULU) reported better-than-expected earnings for the first quarter of 2024, with its shares rising in after-hours trading on Thursday.
The athleisure retailer exceeded expectations, posting earnings per share of $2.54, surpassing the estimated $2.40, while revenue stood at $2.21 billion, slightly above the anticipated $2.2 billion.
The company also provided positive guidance for fiscal year 2025, with expected EPS in the range of $14.27 to $14.47 and revenue projected at $10.7 billion to $10.8 billion.
Additionally, Lululemon announced a $1 billion increase in its stock buyback program.
International markets showed significant growth, with revenue up 35%.
CEO Calvin McDonald highlighted strong momentum in international markets and positive responses to product innovations.
"We continue to see significant growth opportunities ahead,” McDonald told investors in a statement accompanying the results.
CFO Meghan Frank reiterated the focus on driving long-term growth.
The company continues to focus on its ‘Power of Three ×2’ growth strategy, aiming to double business from 2021 revenue by 2026.
Lululemon ended Q1 with 711 company-operated stores.
Shares of the retailer gained nearly 12.1% in afterhours trading on Wednesday.