lululemon athletica (LULU) Tops Q1 EPS by 4c, Offers Q2 and FY Guidance

June 1, 2017 4:06 PM

(Updated - June 1, 2017 4:17 PM EDT)

lululemon athletica (NASDAQ: LULU) reported Q1 EPS of $0.32, $0.04 better than the analyst estimate of $0.28. Revenue for the quarter came in at $520.31 million versus the consensus estimate of $513.92 million.

GUIDANCE:

For the second quarter of fiscal 2017, we expect net revenue to be in the range of $565 million to $570 million based on a total comparable sales increase in the low-to-mid single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of $0.13 to $0.15 for the quarter. Excluding the impact of the ivivva restructuring, we expect adjusted diluted earnings per share to be in the range of $0.33 to $0.35 for the quarter. This guidance assumes 137.2 million diluted weighted-average shares outstanding and a 36.6% tax rate, or 31.0% excluding the tax effect of the ivivva restructuring. The guidance does not reflect potential future repurchases of the Company's shares.

For the full fiscal 2017, we now expect net revenue to be in the range of $2.530 billion to $2.580 billion based on a total comparable sales increase in the low-single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of $1.97 to $2.07 for the full year. Excluding the impact of the ivivva restructuring, we expect adjusted diluted earnings per share to be in the range of $2.28 to $2.38 for the year. This guidance assumes 137.2 million diluted weighted-average shares outstanding and a 31.6% tax rate, or 31.0% excluding the tax effect of the ivivva restructuring. The guidance does not reflect potential future repurchases of the Company's shares.

(Street sees Q2 EPS of $0.41 on revenue of $560 million and FY EPS of $2.32 on revenue of $2.56 billion)

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