Lululemon Athletica (LULU) late Wednesday reported stronger-than-expected fiscal first-quarter results while the athletic apparel and footwear company lifted its full-year earnings outlook.
Earnings advanced to $2.54 a share during the quarter through April 28 from $2.28 the year before, surpassing the Capital IQ-polled GAAP consensus of $2.42. Revenue increased 10% to $2.21 billion, just above analysts’ $2.2 billion estimate.
Lululemon’s Nasdaq-listed stock was rallying 13% in after-hours trade.
Comparable sales increased 6%, driven by a 25% jump in international operations. The consensus was for a 6.5% headline rise.
Lululemon expects full-year EPS of $14.27 to $14.47, compared with $14 to $14.20 previously projected. The company continues to expect revenue of $10.7 billion to $10.8 billion. Analysts are forecasting GAAP EPS of $14.18 and sales of $10.76 billion.
For the fiscal second quarter, the company expects EPS of $2.92 to $2.97 on revenue between $2.4 billion to $2.42 billion. The Street is looking for $3.06 and $2.45 billion, respectively.
Lululemon’s board on May 29 approved a $1 billion increase to the company’s stock repurchase program, bringing its remaining authorized amount to about $1.7 billion as of Wednesday.