Lululemon (LULU): Shares rallied after the retailer beat on the top and bottom lines and boosted 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, up from the previous range of $7.61 billion to $7.71 billion. Inventory during the quarter jumped to $1.46 billion, up 15%quarter-over-quarter and up 85% from a year ago.
“The momentum in our business continued in the second quarter,” lululemon CEO Calvin McDonald said, “fueled by strong guest response to our product innovations, community activations, and omni experience.” Shares rose as much as 9% in after hours trade.
Broadcom (AVGO): Shares rose 2% after Broadcom raised its fourth quarter revenue outlook to $8.9 billion, above the street’s estimate for $8.7 billion. Second quarter revenue totaled $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 solid demand across our end markets to continue in the fourth quarter, reflecting continued investment by our customers of next generation technologies in data centers, broadband, and wireless.”
Broadcom shares were up 2% late Thursday.
Starbucks (SBUX): Starbucks named Laxman Narasimhan as its next CEO, replacing interim chief executive Howard Schultz. Narasimhan most recently served as CEO of Reckitt, and previously worked at PepsiCo and McKinsey. Narasimhan will join Starbucks in October and assume the CEO role on April 1.
Shares of the company were up about 0.4% following the announcement.
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Source: https://finance.yahoo.com/news/after-hours-movers-september-1-220819579.html