Lululemon's Balancing Act: Unraveling The Yoga Apparel Retailer's Potential Gross Margin Expansion
Lululemon's Balancing Act: Unraveling The Yoga Apparel Retailer's Potential Gross Margin Expansion
Lululemon的平衡法案：揭示这家瑜伽服装零售商的潜在毛利率增长
- Telsey Advisory Group analyst Dana Telsey reiterated an Outperform rating on the shares of Lululemon Athletica Inc. (NASDAQ:LULU), maintaining the price target of $425.
- The company is scheduled to report 1Q23 results after the market close on Thursday, June 1.
- The analyst notes that lower air freight costs are expected to be the primary driver of gross margin expansion (planned up 190-320 bps Y/Y) in the first quarter.
- At the end of 4Q, Lululemon's inventory was up 49.8% Y/Y to $1.447 billion, vs. the topline growth of 30.2%.
- The analyst expects the company's inventory growth to moderate to 30%-35%, exiting the first quarter.
- By 2H23, the analyst mentions that inventory growth is anticipated to align with topline growth broadly.
- In the first quarter, the company expects to open 5-10 net new stores, and looking ahead to the full year, the company anticipates opening 45-50 net new stores in FY23.
- Based on the above, the analyst expects company to register an EPS of $2.00 vs. $1.48 last year. Total sales is expected to be up 19.8% Y/Y to $1.932 billion.
- Below the topline, the analyst looks for 320 bps of gross margin expansion to 57.1%, 60 bps of operating expense deleverage Y/Y to 38.4% of sales.
- Taken together, the analyst expects operating margin expansion of 260 bps to 18.7% in the quarter.
- Price Action: LULU shares are trading lower by 0.61% to $340.24 on the last check Friday.
- Telsey 咨询小组 分析师达娜·泰尔西重申了对以下股票的跑赢大盘评级 露露乐蒙 Athletica Inc. 纳斯达克股票代码：LULU），维持425美元的目标股价。
- 该公司计划在6月1日星期四收盘后公布23年第一季度业绩。
- 分析师指出，较低的空运成本预计将是第一季度毛利率增长（计划同比增长190-320个基点）的主要驱动力。
- 在第四季度末，Lululemon的库存同比增长49.8％，达到14.47亿美元，而收入增长了30.2％。
- 分析师预计，该公司的库存增长将放缓至30％-35％，退出第一季度。
- 该分析师提到，到23年下半年，库存增长预计将与收入增长基本一致。
- 在第一季度，该公司预计将净开设5-10家新门店，展望全年，该公司预计将在23财年净开设45-50家门店。
- 基于上述情况，分析师预计该公司的每股收益为2.00美元，而去年为1.48美元。总销售额预计同比增长19.8％，达到19.32亿美元。
- 在收入下方，分析师预计毛利率将增长320个基点至57.1％，运营费用同比去杠杆化60个基点至销售额的38.4％。
- 总而言之，该分析师预计本季度的营业利润率将增长260个基点至18.7％。
- 价格走势： 在周五的最后一张支票上，LULU股价下跌0.61％，至340.24美元。
译文内容由第三方软件翻译。
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