Shares of Lululemon Athletica Inc. jumped in the premarket hours on Friday after the company posted a better-than-expected financial report for the opening quarter of fiscal 2023.
The athletic apparel retailer revealed that its net revenue surged 24% to $2 billion during the first trimester, as its sales in China recovered. North America accounted for 17% of the overall revenue, with the remaining 60% coming from the international market. Lululemon's net income arrived at $290.4 during the quarter, in comparison to $189.9 million last year. Additionally, the retailer forecasted that net revenue would increase by 17% relative to 2022, ranging between $9.44 billion and $9.51 billion for the entire fiscal 2023.
The company's stock skyrocketed by 15.12% to go $377.99 apiece in the premarket trading.
