Lululemon shares rose as sales topped $6 billion for the first time

2022-06-14 0 By

On Tuesday local time, U.S. stocks closed higher, U.S. bond yields inverted.Lululemon’s shares rose as sales topped $6 billion for the first time.Chinese AR company Nreal has raised $60 million in series C+ funding, led by Alibaba.The three major U.S. stock indexes closed higher on Tuesday, with the market closely watching the progress of talks between Russia and Ukraine.Brent and U.S. WTI futures fell about 2% and 1.6%, respectively.Of the 11 major sectors in the S&P 500, only the energy sector ended in negative territory, down 0.44%;Real estate, technology and consumer discretionary led the way, rising 2.85%, 2.06% and 1.54% respectively.Big tech stocks closed higher, with Meta up 2.8 per cent, Apple up 1.91 per cent, Amazon up 0.19 per cent and Alphabet up 0.74 per cent.The 2-year yield is higher than the 10-year yield for the first time since 2019.The latter fell to 2.399% from 2.476% on Monday.Lululemon reported fourth-quarter net income of $434.5 million on sales of $2.13 billion, up from $1.73 billion a year earlier, according to its latest results.Lululemon’s net income rose 65.6% to $975.3 million on sales that rose 42.1% to $6.26 billion.Lululemon opened 53 new stores last year, bringing its total to 574.It was the first time sales topped $6 billion, and executives expect sales to reach $7.5 billion this year.The news pushed Lululemon’s shares up 3.67% to close at $343.97 on Tuesday.Lululemon bought back 2.2 million shares last year for a total of $812.6 million, and plans to follow through on a new $1 billion buyback program that its board approved last week.Nreal, a Chinese AR technology company, announced on March 30 that it had raised $60 million in Series C+ funding, led by Alibaba.In the past 12 months, Nreal has raised a total of $200 million from investors including Kuaishou, NiO Capital, Yunfeng Fund, Sequoia China, Hillhouse, Hongtai Fund, CICC Capital, Kipu Capital, Shunwei Capital, CPE Yuanfeng, Huachuang Capital, iQiyi and others.Source: NrealNreal was founded in January 2017 and headquartered in China.According to media reports, many of its products have been launched in Japan, South Korea, the United States and many European countries, and it plans to expand into the Chinese market this year.In November 2021, Nreal and Migu Announced a strategic partnership to jointly promote 5G+AR content ecology;In December 2021, Nreal teamed up with NiO to launch a car-share version of AR glasses to create a new entertainment experience in the intelligent cockpit.In February 2022, Nreal launched its new “Nreal Air” AR glasses in Japan in collaboration with two major carriers Docomo and KDDI.