Lululemon raises guidance as customers keep spending despite higher prices

Lululemon on Thursday reported fiscal-first quarter profit and revenue outpacing Wall Street’s expectations, boosted by growth online and in the retailer’s men’s division.

The athletic apparel retailer also raised its outlook for fiscal 2022, expecting the momentum in its business to continue in spite of broader economic headwinds.

Here’s how Lululemon did in its fiscal first quarter compared with what Wall Street was expecting, based on Refinitiv data:

• Earnings per share: $1.48 vs. $1.43 expected
• Revenue: $1.61 billion vs. $1.53 billion

Lululemon shares are down about 23% year to date.

This story is developing. Please check back for updates.