Lululemon Athletica Inc.’s CEO said the company is closing out another strong year after raising the company’s guidance for Q4. Credit: Bridget Bennett/Bloomberg via Getty Images.

For Q4 of fiscal 2023, Lululemon said it now expects net revenue to be in the range of $3.17bn to $3.19bn which represents a 14-15% increase in comparison to its fourth quarter of 2022.

The previous guidance range was $3.14bn to $3.17bn.

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Diluted earnings per share for the fourth quarter of fiscal 2023 have been adjusted to fall within the range of $4.96 to $5.00 for Q4, surpassing the company’s prior guidance range of $4.85 to $4.93.

While Lululemon’s gross margin is expected to be in the range of 58.6% to 58.7% for Q4 of fiscal 2023, compared to its previous guidance of 58.3% to 58.6%.

Lululemon pointed out there is no change to the company’s previous guidance for selling, general, and administrative expenses or effective tax rate.

Lululemon’s chief financial officer Meghan Frank attributed the company’s performance during the holiday season to Lululemon’s “innovative” and “versatile” product offerings which she believes helped drive customers.

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She said: “Our sales trend remains balanced across channels, categories, and geographies, enabling us to raise our guidance for the fourth quarter and close out another strong year.”

In December Lululemon reported a 19% increase in total revenue for Q3 as well as Black Friday being its single biggest day in company history, however, the company remained “prudent” with its fourth-quarter outlook given ongoing macro environment uncertainties.

Frank shared at the time that the company expected to open approximately 25 net new company-operated stores in Q4.