Lululemon raises 2021 revenue forecast on sustained demand for home-fitness clothing

The emblem for Lululemon Athletica is seen exterior a retail retailer in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid

Lululemon Athletica Inc (LULU.O) raised its forecast for full-year internet income on Thursday, as demand for snug clothes, together with leggings and sports activities bras, has proven little indicators of slowing regardless of easing restrictions.

The COVID-19 pandemic and ensuing health club closures have pushed folks to take up dwelling workouts, working and biking, creating a requirement surge for attire from Lululemon and different athletic put on makers, together with Nike Inc (NKE.N) and Under Armour Inc (UAA.N).

The home-fitness development coupled with a rise in curiosity in snug 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 internet 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.

Net income rose to $1.23 billion within the first quarter, from $652 million a yr earlier. Analysts on common had anticipated internet income of $1.13 billion.

Our Standards: The Thomson Reuters Trust Principles.

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