Lululemon CEO Calvin McDonald Says Black Friday Was the Company’s ‘Biggest Day Ever’

Despite lowering its fourth-quarter earnings guidance on Thursday, Lululemon CEO Calvin McDonald told investors on the company’s earnings call yesterday that this holiday season is off to a strong start. “Black Friday was the biggest day ever in our history in terms of revenue and traffic driven by our results in both North America and around the world,” McDonald said. “I’m pleased with our results and performance over the extended Thanksgiving weekend and as we start the holiday season.” Still the Vancouver, British Columbia-based athleisure brand outlined a weak outlook for its upcoming Q4. Lululemon now projects net revenue to be between $2.605 billion and $2.655 billion in the quarter, with diluted earnings per share expected to be between $4.20 and $4.30. Lululemon reported net revenues of $1.9 billion in Q3 of 2022, up 28% from the same time last year. By region, net revenue increased 26% in North America and increased 41% internationally. Mainland China was a standout for the company this quarter, with revenues in the region growing nearly 70%, buoyed by strength across merchandise categories (men’s was up 28%, women’s up 23% and accessories grew 52%). Lululemon opened nine stores in mainland China in Q3, bringing its total number of locations

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