BUZZ-Lululemon jumps on raising Q4 sales, profit forecasts
** Shares of sportswear maker Lululemon Athletica LULU.O up 5.8% at $401.25 premarket
** Company raises Q4 sales and profit targets on strong demand for its apparel during the holiday shopping season
** LULU now expects Q4 net revenue in the range of $3.56 billion to $3.58 billion, compared to prior forecast of $3.48 billion to $3.51 billion
** Sees quarterly profit per share between $5.81 and $5.85, up from previous forecast of $5.56 to $5.64
** LULU says it now expects gross margin to increase approximately 30 basis points relative to the fourth quarter of fiscal 2023 and compared to its previous guidance of a decrease of 20 to 30 basis points
** Stock fell 25.2% in 2024
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))
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