Lululemon’s NASDAQ:LULU Reports, Beats, Outlook Cautious
Lululemon’s NASDAQ:LULU Reports, Beats, Outlook Cautious
Yoga and athletic apparel maker Lululemon Athletica Inc. reported Q-3 F-Y 2012 EPS of 0.39 on revenue of $316.5-M before the open Thursday. In the same period a year ago, the company reported EPS of$0.27 on revenue of $230.2-M.
The results also compare to the Thomson Reuters consensus estimates for EPS of 0.37 and $305.3-M in revenue.
The company offered fourth-quarter revenue guidance of $475 million to $480 million on a same-store sales increase in the high single digits. EPS is expected to total $0.71 to $0.73. The consensus estimates currently call for EPS of $0.75 on revenues of $490.5 million.
For the full fiscal year, Lululemon expects EPS of 1.81 to 1.83 on revenues of $1.36 to $1.365-B. The current consensus calls for EPS of 1.82 on revenues of $1.36-B.
The company’s CEO said: I am very proud of the team for achieving yet another strong quarter coming in ahead of our expectations. Our stellar results were driven by first-rate execution, strong community engagement, beautiful product and continued strength in our e-Commerce business.
Lululemon’s same-store sales rose 18% in the Quarter on a constant dollar basis and gross profit rose 36%.
Gross margin slipped slightly, from 55.8% to 55.4% Y-Y. Operating margins also slipped a bit, from 25.9% to 25.5%.
The big issue for the company’s stock is the forecast for same-store sales growth. In Q-4 of last year, sales rose 26%. A forecast for growth in the high single digits lowers investors’ expectations.
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