Lululemon Athletica predicts a strong demand for athleisure and said the impact from Covid-19-related lockdowns in China was modest and more than offset by strength in other regions.
Affluent U.S. customers have been helping the brand to attain good sales. The company reported good sales despite recent price hikes and decades-high inflation in the country.
Lululemon, like many other U.S. companies, has been raising prices on selective products to offset higher costs arising from global supply chain disruptions.
The yoga wear maker said it was seeing a modest impact from lockdowns in China on its stores and some vendors, but the overall impact on first-quarter revenue was more than offset by strength in other regions.
Rival companies Under Armour, and Adidas have, however, flagged a hit to business from renewed Covid curbs in China.
The company expects full-year 2022 revenue between $7.61 billion and $7.71 billion, up from its prior forecast of $7.49 billion to $7.62 billion.
