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Lululemon Athletic Inc. raised its earnings and sales expectations for the year after reporting Q1 results that beat its estimates.
Source: Lululemon
LULU up +0.48%, UAA up +0.63%, Pre-market trading
The company’s sales increased by 32% in the first quarter with the same-store sales rising by 24%.
Calvin McDonald, Chief Executive Officer of Lululemon stated that the continued momentum in Q1 helped to achieve a solid start to the year.
Lululemon’s sales of $1.6B surpassed guidance projecting for sales to be in the range of $1.525B to $1.550B. Earnings per share of $1.48 topped the company estimates in the range of $1.38 to $1.43 for the quarter.
For Q2, the company projects net revenue to be in the range of $1.750B to $1.775B. For the full year, the company anticipates net revenue to be in the range of $7.610B to $7.710B.
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