Lululemon Athletica Inc (NASDAQ:LULU) reported first-quarter financial results Wednesday after the bell. Here’s a look at the key metrics from the quarter.
Q1 Earnings: Lululemon reported first-quarter revenue of $2.21 billion, beating the consensus estimate of $2.2 billion, according to Benzinga Pro. The athleisure company reported quarterly earnings of $2.54 per share, beating analyst estimates of $2.39 per share.
Total revenue was up 10% on a year-over-year basis and total comparable sales increased 6% year-over-year. Americas net revenue increased 3% year-over-year, while international revenue was up 35% year-over-year.
Lululemon’s total store count was 711 at quarter’s end. Inventories were down 15% year-over-year. The company ended the quarter with $1.9 billion in cash and equivalents.
Lululemon also said its board authorized a $1 billion increase to its stock repurchase program, bringing the total remaining amount under the buyback up to $1.7 billion.
“In the first quarter, we saw strong momentum in our international markets, demonstrating how our brand continues to resonate around the world. Guests responded well to our product innovations across categories, and we are pleased by the progress we are making to optimize our U.S. product assortment,” said Calvin McDonald, CEO of Lululemon.
Looking Ahead: Lululemon sees second-quarter revenue in the range of $2.4 billion to $2.42 billion versus estimates of $2.45 billion. The company anticipates second-quarter earnings of $2.92 to $2.97 per share versus estimates of $3.01 per share.
Full-year 2024 revenue is expected to be between $10.7 billion and $10.8 billion versus estimates of $10.75 billion. The company expects full-year earnings to be between $14.27 and $14.47 per share versus estimates of $14.11 per share.
“Looking ahead, we continue to have a significant runway for growth and are confident in our team’s ability to powerfully deliver for our guests in 2024 and beyond,” McDonald added.
Management will hold a conference call to discuss these results at 4:30 p.m. ET.