A 35 percent jump in first-quarter comparable-store sales propelled Lululemon Athletica Inc. to a 200 percent profit gain.
Net income increased to $19.6 million, or 27 cents a diluted share, from $6.5 million, or 9 cents, beating analysts’ estimate by 6 cents. Sales for the three months ended May 2 jumped 68.9 percent to $138.3 million from $81.7 million.
“This was our company’s best-ever first quarter as we were able to generate very strong same-store sales growth in both the U.S. and Canada,” said Christine Day, chief executive officer. The company tabulates comps on a constant-dollar basis.
For the second quarter, the firm expects profits to rise to 21-23 cents a share, opening up some upside to the 21 cents Wall Street expected.
For complete coverage, see Friday’s issue of WWD.