World’s second largest sporting goods company, lululemon athletica inc. (NASDAQ: LULU), released Q3 2023 financial results after the closing bell on Wall Street on Thursday.

Company overview

• Founded: 1998
• Headquarters: Vancouver, British Columbia, Canada
• Number of employees: 34,000 (2023)
• Industry: Sportswear
• Key people: Calvin McDonald (CEO), Glenn Murphy (chairman), Meghan Frank (CFO), Kristin Brady (CPO), Celeste Burgoyne (EVP, Americas)

The results

The Canadian company reported revenue that beat analyst estimates of $2.204 billion vs. $2.189 billion expected. Revenue was up by 19% year-over-year.

Earnings per share reported at $2.53 per share also beat analyst estimate of $2.282 per share for the quarter.

lululemon repurchased 0.6 million shares during Q3 at $210.8 billion and announced a further stock repurchase for up to $1 billion.

CEO commentary

“This was another strong quarter for lululemon as our innovative product offerings and community activations continued to powerfully resonate with our guests globally. As we enter the holiday season, we are pleased with our early performance and are well-positioned to deliver for our guests in the fourth quarter. I am energized by the significant opportunities ahead, and would like to thank our incredible teams around the world for their continued passion and commitment to our brand,” CEO of the company, Calvin McDonald said in a statement to investors.

Stock reaction

The stock was little changed at the end of the trading session on Thursday, up by 0.87% at $464.67.

Share price dropped by around 2% in the after-hours.

Stock performance

• 1 month: +14.63%
• 3 months: +16.81%
• Year-to-date: +45.47%
• 1 year: +24.44%

lululemon stock price targets

• Raymond James: $495
• Truist Financial: $500
• TD Cowen: $545
• Evercore ISI: $540
• Wells Fargo: $445
• Citigroup: $520
• HSBC: $500
• Barclays: $480
• KeyCorp: $450
• UBS: $429

lululemon athletica inc. is the 280th largest company in the world with a market cap of $58.96 billion.

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Sources: lululemon athletica inc., TradingView, MarketWatch, MarketBeat, Benzinga, CompaniesMarketCap