Athletic apparel and accessories brand Lululemon Athletica has revised its expectations for the fourth quarter of fiscal 2023 (FY23).  

The company now anticipates net revenue between $3.17bn and $3.19bn, up from the previously projected range of $3.135bn to $3.17bn. 

The forecast represents a 14% to 15% increase from the same period of fiscal 2022.  

During the quarter, lululemon expects diluted earnings per share of between $4.96 and $5.00, a notable increase from the earlier guidance of $4.85 to $4.93.  

The company projects its gross margin for the quarter to be between 58.6% and 58.7%, slightly higher than the previous estimate of 58.3% to 58.6%. 

Despite these positive adjustments, lululemon has made no changes to its previous guidance for selling, general, and administrative expenses or the effective tax rate.  

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This update comes ahead of the ICR Conference [one of the largest company growth investment conferences of the year] to be held between 8 January and 10 January 2024. 

lululemon athletica chief financial officer Meghan Frank stated: “We are pleased with our performance during the holiday season, as guests continue to respond well to our innovative and versatile product offerings.  

“Our sales trend remains balanced across channels, categories and geographies, enabling us to raise our guidance for the fourth quarter and close out another strong year.” 

lululemon offers technical athletic apparel, footwear,and accessories for yoga, training, running and other sports activities. 

In the third quarter of FY23, the company reported net revenue of $2.2bn, increasing by 19% from $1.8bn in the same period of FY22.