Lululemon raised its expectations for revenues this year after reporting a strong first quarter.
On Tuesday morning, the athletic apparel company reported earnings and revenues that beat analysts’ expectations.
Adjusted earnings per share came in at $US0.34, just above the consensus forecast for $US0.33, according to Bloomberg.
The company reported sales of $US423.5 million, beating estimates for $US418.8 million.
It raised its outlook for full-year net revenues to the range of between $US2 billion and $US2.05 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 $US440 million and $US445 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 2% in premarket trading on Tuesday; it’s up 38% over the past 12 months.