Lululemon beats on earnings and raises its guidance (LULU)
- Lululemon beat on both the top and bottom lines.
- The company raised its full-year 2017 adjusted earnings per share guidance.
- Shares climbed more than 7% on the results.
Lululemon shares climbed more than 7% in after-hours trading on Wednesday after the company reported better than expected top and bottom line results and raised its guidance.
The athletic-apparel retailer earned an adjusted $0.56 a share, handily beating the $0.52 that Wall Street analysts surveyed by Bloomberg were anticipating.
Revenue rose 14% versus a year ago to $619 million while total comparable sales, including direct to consumer and in-store sales, jumped 8% year-over-year.
Lululemon raised its full-year 2017 adjusted earnings per share guidance to a range between $2.45 and $2.48, up from its previous guess of $2.35 to $2.42.
"As we start the holiday season, I'm energized by our momentum and we are increasing guidance to reflect this performance," CEO Laurent Potdevin said in the earnings release. "I'm grateful for the enthusiasm I see every day across our collective as we remain on our path to delivering $4 billion in revenue in 2020."
Additionally, Lululemon's board of directors authorized a $200 million share buyback program.
Shares of the company are up 7.33% this year.
Markets Insider