Lululemon (NASDAQ:LULU) earnings for the athletic wear company’s second quarter of 2020 have LULU stock falling on Wednesday. That’s despite the company reported adjusted earnings per share of 74 cents, which beats out Wall Street’s estimate of 55 cents. Its revenue of $902.94 million also comes in above analysts’ estimates of $842.5 million.
Here’s what else is worth mentioning from the most recent Lululemon earnings report.
- Adjusted per-share earnings are down 22.9% from diluted earnings per share of 96 cents during the same time last year.
- Revenue for the quarter comes in 2% higher than the $883.35 million reported in Q2 2019.
- Operating income of $124.41 million is a 25.9% drop year-over-year from $167.98 million.
- The Lululemon earnings report also has net income coming in at $86.8 million.
- That’s a 30.6% decrease from the company’s net income of $124.99 million in the same period of the year prior.
Calvin McDonald, CEO of Lululemon, said this in the earnings report.
“We’re pleased with our overall business results for the second quarter, as lululemon increasingly lives into its Omni potential. As trends around the world are shifting to working and sweating from home with an increased focus on health and wellness, we believe 2020 is likely an inflection point for retail and for lululemon. We are cautiously optimistic with regard to the second half of the year as we continue to navigate the uncertain environment.”
Lululemon currently isn’t providing guidance for 2020 due to the novel coronavirus. Many other companies are also withholding outlooks during the pandemic.
LULU stock was down 9.6% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.