Lululemon crushes expectations, raises guidance, and now the stock is up
On Tuesday morning, the athletic apparel company reported earnings and revenues that beat analysts' expectations.
Adjusted earnings per share came in at $0.34, just above the consensus forecast for $0.33, according to Bloomberg.
The company reported sales of $423.5 million, beating estimates for $418.8 million.
It raised its outlook for full-year net revenues to the range of between $2 billion and $2.05 billion, with the expectation for comparable store sales "in the mid single digits on a constant dollar basis."
For the second fiscal quarter, it expects net revenues of between $440 million and $445 million, with comp store sales in the high single digits on a constant currency basis.
For the first quarter, sales at stores open for more than one year fell 1%, excluding currency fluctuations.
In the earnings statement, CEO Laurent Potdevin said: "Our team's solid performance resulted in another improving quarter - coming in ahead of our revenue expectations. We drove positive trends in traffic, conversion, and brand engagement, along with a continued acceleration of our e-commerce business."
The stock rose more than 3% in premarket trading on Tuesday; it's up 38% over the past 12 months.