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Lululemon jumps 15 percent after results top forecasts

By dailymail / Published on Saturday, 10 Jun 2017 19:57 PM / No Comments

Lululemon Athletica Inc. on Thursday reported fiscal first-quarter profit of $31.2 million.

Shares of the company jumped 15 percent after hours, as Lululemon’s results showed resilience through the athleisure slump.

The Vancouver, British Columbia-based company said it had profit of 23 cents per share. Earnings, adjusted for asset impairment costs, were 32 cents per share.

The results surpassed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The athletic apparel maker posted revenue of $520.3 million in the period, also topping Street forecasts. Thirteen analysts surveyed by Zacks expected $512.7 million.

For the current quarter ending in August, Lululemon expects its per-share earnings to range from 33 cents to 35 cents.

The company said it expects revenue in the range of $565 million to $570 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $563.2 million.

Lululemon expects full-year earnings in the range of $2.28 to $2.38 per share, with revenue ranging from $2.53 billion to $2.58 billion.

Lululemon shares have dropped 25 per cent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $48.75, a decrease of 26 per cent in the last 12 months.

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