Adds web income forecast, background
June 3 (Reuters) – Lululemon Athletica Inc LULU.O raised its forecast for full-year web income on Thursday, as demand for comfy clothes, together with leggings and sports activities bras, has proven little indicators of slowing regardless of easing restrictions.
The COVID-19 pandemic and ensuing gymnasium closures have pushed folks to take up dwelling workout routines, working and biking, creating a requirement surge for attire from Lululemon and different athletic put on makers, together with Nike Inc NKE.N and Below Armour Inc UAA.N.
The house-fitness development coupled with a rise in curiosity in comfy work-from-home lounge put on has prompted attire sellers to double down on their informal choices, with Lululemon additionally launching new kinds of tank tops and shorts.
The proprietor of Mirror home-fitness platform stated it expects fiscal 2021 web income to be within the vary of $5.83 billion to $5.91 billion, in contrast with its prior vary of $5.55 billion to $5.65 billion.
Web income rose to $1.23 billion within the first quarter, from $652 million a yr earlier. Analysts on common had anticipated web income of $1.13 billion.
(Reporting by Praveen Paramasivam in Bengaluru; Enhancing by Shinjini Ganguli)
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