Shares of athletic apparel retailer Lululemon Athletica Inc. (LULU) are rising more than 13% after reporting better-than-expected first-quarter earnings. The company’s full-year outlook also came in above analysts’ view.
“A meaningful acceleration in our China sales trend, coupled with lower air freight, contributed to our better than planned financial performance,” commented Meghan Frank, Chief Financial Officer.
Net profit increased to $290.41 million or $2.28 per share in the first quarter from $189.99 million or $1.48 per share in the same quarter a year ago. Analysts on average polled by Thomson-Reuters were expecting earnings of $1.98 per share for the quarter.
Revenue for the quarter grew 24% year-on-year to $2.0 billion.
For the full year, the company expects net revenue to be in the range of $9.440 billion – $9.510 billion and EPS in the range of $11.74 – $11.94. Analysts expect the company to report earnings of $11.62 per share on revenue of $9.29 billion.
LULU is at $371.18 currently. It has traded in the range of $258.79 – $389.06 in the last 1 year.
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