Lululemon (LULU): Shares rose after the retailer beat its top and bottom lines and raised its full-year guidance. Lululemon reported revenue of $1.9 billion, up 29% from a year ago, on adjusted earnings of $2.20 per share. Full-year guidance was raised to a range of $7.87 billion to $7.94 billion from a previous range of $7.61 billion to $7.71 billion. Inventory in the quarter jumped to $1.46 billion, up 15% quarter-on-quarter and up 85% year-over-year.
“Momentum in our business continued in the second quarter,” said lululemon CEO Calvin McDonald, “fueled by strong guest response to our product innovation, community activation and omni experience.” Shares rose as much as 9% in after-hours trading.
Broadcom (AGO): Shares rose 2% after Broadcom raised its fourth-quarter revenue forecast to $8.9 billion, above the $8.7 billion forecast. Second-quarter revenue was $8.46 billion, driven by a 32% year-over-year jump in chip sales.
Broadcom CEO and President Hock Tan said in the company’s earnings release: “We expect robust demand in our end markets to continue in the fourth quarter, reflecting our customers’ continued investment in next-generation technologies in data centers, broadband and wireless connection.’
Broadcom shares were up 2% late Thursday.
Starbucks (SBUX): Starbucks named Laxman Narasimhan as its next CEO, replacing interim CEO Howard Schultz. Narasimhan was most recently CEO of Reckitt and previously worked at PepsiCo and McKinsey. Narasimhan will join Starbucks in October and assume the role of CEO on April 1.
The company’s shares rose about 0.4% after the announcement.