LULULEMON ATHLETICA INC.

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U.S. holiday sales endure supply chain, Omicron snags to hit $887 bln - NRF

01/14/2022 | 01:15pm EDT
FILE PHOTO: Black Friday sales at Roosevelt Field shopping mall in Garden City, New York

Jan 14 (Reuters) - U.S. holiday sales in 2021 came in at a better-than-expected $886.7 billion, boosted by customers returning to stores and splurging more online, even as a jump in COVID-19 cases and supply chain issues threatened to upend the crucial shopping season.

The National Retail Federation (NRF) said holiday sales, including e-commerce, jumped 14.1% during November and December, exceeding its latest forecast of a rise of as much as 11.5%.

"Despite supply chain problems, rising inflation, labor shortages and the Omicron variant, retailers delivered a positive holiday experience to pandemic-fatigued consumers and their families," NRF Chief Executive Officer Matthew Shay said in a statement.

With higher wages, and better household savings from stimulus checks and reduced spending on outdoor activities, U.S shoppers opened up their wallets to everything from apparel and sporting goods to furniture and electronics.

E-commerce and non-store sales jumped 11.3% over the holiday season, NRF data showed.

The make-or-break shopping season was marked by pandemic-induced shipping delays and product shortages. Some retailers such as Walmart and Target re-rerouted goods to less congested ports and even chartered their own vessels for deliveries.

Retailers' efforts to stock up early on helped drive 2021 holiday sales "because even though Omicron impacted consumers' mobility in December, they had started shopping well before," RSM US analyst Mike Graziano said.

The Omicron-led surge in coronavirus cases at the end of the year led to a 2.7% decline in retail sales in December, which excludes automobile dealers, gas stations and restaurants, according to NRF data.

Some apparel retailers including Abercrombie & Fitch and Lululemon Athletica have already flagged dull holiday-quarter businesses, hit by Omicron-driven staffing shortages and a decline in store traffic.

Even though inflation and COVID-19 did not dampen holiday sales last year, the NRF said retailers should be prepared for challenges in the coming months due to pandemic-led uncertainty.

(Reporting by Deborah Sophia in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2022
Stocks mentioned in the article
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AMAZON.COM, INC. -3.21% 2082 Delayed Quote.-35.49%
LULULEMON ATHLETICA INC. -5.62% 257.51 Delayed Quote.-30.30%
ON SEMICONDUCTOR CORPORATION -2.49% 54.5 Delayed Quote.-17.71%
WALMART INC. 1.25% 124.13 Delayed Quote.-17.62%
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Financials (USD)
Sales 2023 7 584 M - -
Net income 2023 1 178 M - -
Net cash 2023 1 281 M - -
P/E ratio 2023 29,3x
Yield 2023 -
Capitalization 34 929 M 34 929 M -
EV / Sales 2023 4,44x
EV / Sales 2024 3,82x
Nbr of Employees 29 000
Free-Float 88,2%
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Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 272,84 $
Average target price 418,68 $
Spread / Average Target 53,5%
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Managers and Directors
Calvin R. McDonald Chief Executive Officer & Director
Meghan Frank Chief Financial Officer
Glenn K. Murphy Non-Executive Chairman
Julie Averill Chief Technology Officer
Shannon Higginson Chief Compliance Officer, General Counsel & SVP
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