BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Lululemon Reports Strong Holiday Earnings Yet Faces Guidance Concerns, Shares Drop 9% After-Market
VANCOUVER, British Columbia, March 21, 2024 - Lululemon Athletica Inc. (NASDAQ: LULU) announced its fiscal fourth-quarter earnings, surpassing Wall Street expectations but providing future guidance that fell short of estimates, leading to a 9% decline in shares in extended trading.
Holiday Quarter Performance Highlights:
- Earnings Per Share (EPS): $5.29, exceeding the expected $5.00.
- Revenue: Reached $3.21 billion, outpacing the anticipated $3.19 billion.
- Net Income: Soared to $669.5 million, a significant jump from last year's $119.8 million.
- Sales Growth: Reported a 16% increase from the previous year, totaling $3.21 billion.
Despite these strong performance metrics, the athletic apparel retailer issued guidance for the upcoming quarter and fiscal year that did not meet analysts' growth expectations, particularly noting a stagnation in North America's growth.
Geographic Sales Insights:
- Americas Sales: Grew by 9%, a slowdown from the previous year's 29%.
- International Sales: Exhibited a robust 54% increase, with a remarkable 78% growth in China.
Future Outlook:
- Q1 Revenue Expectations: Projected between $2.18 billion to $2.20 billion, below the $2.25 billion forecasted by analysts.
- Full-Year Revenue Forecast: Anticipated to be between $10.7 billion and $10.8 billion, slightly lower than the expected $10.9 billion.
- EPS Guidance: Set between $2.35 to $2.40 for Q1 and $14.00 to $14.20 for the full year, both below analysts' predictions.
Strategic Moves and Market Position:
CEO Calvin McDonald emphasized the opportunity to leverage the current U.S. market slowdown by investing in growth areas, particularly highlighting strong international performance. The company also spotlighted its expansion into footwear and men's apparel, including opening its first men's store in Beijing and launching new sneaker lines.
Despite these strategic initiatives and a historic high on Black Friday sales, the company's guidance reflects the challenging retail environment and heightened competition within the athletic apparel sector.
Investors reacted to the mixed report and cautious outlook with a 9% drop in Lululemon's stock price after-market, closely monitoring the company's ability to navigate shifting consumer preferences and sustain its growth trajectory amidst economic uncertainties.
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