Lululemon Stock Leaps After Q2 Earnings Beat, 2022 Outlook Boost

Lululemon Athletics (LULU) Shares rose Friday after the casual and sportswear group posted stronger-than-expected third-quarter results and raised its full-year earnings forecast.

The Vancouver-based retailer earned an adjusted $2.20 a share on sales of $1.87 billion for the three months ended July, outperforming Street’s forecasts for the ninth straight quarter, with sales growing in 2017. both North America and its international markets.

However, freight costs continued to weigh on gross margins, which declined 160 basis points to 56.5%. That trend looks likely to continue into the second half of the year, Lululemon said, dropping another 1% to 1.3%.

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