Lululemon, Abercrombie, American Eagle release early 2024 holiday sales
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ORLANDO, Fla. — Big-name retailers posted largely better-than-expected early holiday results on Monday, but their shares fell as Wall Street came away unimpressed. Lululemon, Abercrombie & Fitch and American Eagle raised their fourth-quarter outlooks on Monday after seeing a strong response from shoppers during the all-important holiday season. Urban Outfitters also saw strong holiday growth, but Macy’s said its key quarter was going worse than it had anticipated. Still, shares of all those companies traded lower early Monday, and many fell by more than 5%. Abercrombie’s stock tumbled the most and was down about 20%, as investors wonder if its rapid growth is coming to an end. Lululemon now expects sales to grow between 11% and 12% to between $3.56 billion and $3.58 billion, up from a previous range of $3.48 billion and $3.51 billion. Excluding an additional fiscal week the company will have in the fourth quarter of 2024, Lululemon expects sales growth of between 6% and 7%. The company also hiked its profit outlook. Lululemon is now forecasting fourth-quarter earnings per share to be between $5.81 and $5.85, compared with previous guidance of between $5.56 and $5.64. It expects gross margins to grow by 0.3 percentage point after previously forecasting they would decline between 0.2 and 0.3 percentage point. “During the holiday season, our guests responded well to our product offering, enabling us to increase our fourth quarter guidance,” finance chief Meghan Frank said in a statement. Meanwhile, Abercrombie also expects its holiday quarter to be slightly better than anticipated. The apparel company nudged up its net sales growth outlook to a range of between 7% and 8%, compared with previous guidance of between 5% and 7%. Abercrombie now expects full-year sales to grow 15%. It previously expected sales to rise between 14% and 15% for the period. The…
Filed under: News - @ January 13, 2025 5:25 pm