Lululemon (LULU) Continues Robust Growth in Q2 on Strong Direct Sales; Outlook for FY12 Improves

September 7, 2012 8:31 AM EDT
Shares of lululemon athletica (Nasdaq: LULU) are looking extra taught and firm Friday morning following issuance of the company's second-quarter 2012 results and outlook.

Sales rose 33.1 percent to $282.6 million, from $212.3 million in the same period last year. Comps were up 15 percent on a constant-dollar basis.

Net income popped nearly 50 percent to $57.2 million, or 39 cents per share. After adjusting for tax adjustment, EPS slipped to 34 cents.

Overall, the Street was expecting revs of $281.9 million and EPS of 31 cents.

Revenue and earnings growth compare to 39.5 percent and 76.1 percent in the same period last year.

lululemon noted that direct-to-customer sales as a part of total revs improved from 8.8 percent last year up to 12.5 percent in the recent quarter.

Looking ahead, lululemon sees third-quarter earnings of 34 cents to 36 cents, with sales of $300 million to $305 million and comps increase in the low to mid teens.

For 2012, lululemon boosted its outlook. Sales moved from a range of $1.32 billion to $1.34 billion up to $1.345 billion to $1.360 billion. Earnings from a range of $1.55 to $1.60 up to $1.76 to $1.81. The Street was modeling sales of $1.35 billion and EPS of $1.62.

Shares are up about 2.7 percent ahead of the bell.

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