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Aug 31, 2017

Lululemon sees online sales boost, profit beats expectations

Lululemon

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Canadian yoga and leisure apparel-maker Lululemon Athletica Inc (LULU.O) reported a quarterly profit and revenue on Thursday that topped expectations, as same-store sales increased, particularly online.

The company reported earnings of US$48.7 million, or 36 cents US per share in the second quarter ended July 30. This exceeded the 35 cents US per share analysts had forecast, according to Thomson Reuters. Adjusted diluted earnings, which excluded the impact of its Ivivva restructuring costs, was 39 cents US a share.

Revenue rose 13 per cent to US$581.1 million, topping the estimated US$567.79 million analysts had predicted.

Shares, which closed at US$57.55 ahead of the results, rose 7.7 per cent in after-market trading.

Sales at stores open for more than a year grew 7 per cent, above the average 4 per cent rise 27 analysts had expected, according to Thomson Reuters data.

Online sales from its website soared 30 per cent on a constant dollar basis. Excluding an online warehouse sale during the quarter, net revenue rose 16 per cent online.

Vancouver-based Lululemon, which announced it was closing its money-losing Ivivva stores in June, raised its forecast and now said it was expecting to earn between US$2.545 billion and US$2.595 billion in full-year net revenue, up from its previous outlook of US$2.53 billion to US$2.58 billion.

Full-year adjusted diluted earnings per share, excluding the impact of Ivivva, was expected to come in between US$2.35 and US$2.42.