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Lululemon Athletica Inc. sees fourth-quarter sales at the higher end of its guidance, a sign that the yogawear company is regaining some momentum following a series of disappointing results.
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Net revenue was expected to be as much as US$3.585 billion, according to a statement from the company with preliminary data. Earnings per share are also trending toward the high end of prior guidance, the company said.
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Scrutiny of Lululemon’s performance is intensifying as athleisure competition heats up and the company’s long run of rapid growth tapers off. Chief executive Calvin McDonald is poised to step down and the company is searching for a replacement as it looks for a strategic reset.
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The positive holiday showing gives the company more breathing room as Chip Wilson, Lululemon’s founder, and Elliott Investment Management push for changes and new board members.
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The shares rose 3.5 per cent in premarket trading on Monday. The stock sank 46 per cent last year, compared to a 16 per cent gain for the S&P 500 Index.
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