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Lululemon Athletica (LULU, $28.65) on Thursday reported quarterly earnings and revenue that beat analysts’ expectations. The company also raised its outlook for the year with shares rising about 9% in off-hours trading. It said that traffic remains strong both in stores and online, even as surging inflation cramps consumers’ spending.
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Numbers show that second-quarter net revenue rose 29% to $1.87 billion, beating estimates of $1.77 billion. Adjusted per-share earnings of $2.20 also topped estimates of $1.87, according to Refinitiv data. The company raised its earnings and revenue forecast for 2022 to above market estimates. It lifted the adjusted per-share earnings outlook to between $9.75 and $9.90 from $9.35 to $9.50, and increased its net revenue forecast to between $7.87 billion and $7.94 billion from $7.61 billion to $7.71 billion.