lululemon athletica (LULU) Tops Q1 EPS by 2c, Issues Light Guidance; Announces $450M Share Buyback
lululemon athletica, inc. (NASDAQ: LULU) reported Q1 EPS of $0.34, $0.02 better than the analyst estimate of $0.32. Revenue for the quarter came in at $384.6 million versus the consensus estimate of $381.21 million.
Laurent Potdevin, lululemon’s CEO, stated: "We are pleased that Q1 results were slightly ahead of our expectations. 2014 is very much a transitional year for lululemon, and we are on track with the improvements we have set out to achieve. We are focused on building a scalable foundation to further elevate our North American business and pursue the brand's incredible international potential." Mr. Potdevin continued: "Despite a reduced outlook, I am confident that the work we are doing today will only enhance our premium positioning as we continue to lead as the market innovator."
lululemon athletica, inc. sees Q2 2014 EPS of $0.28-$0.30, versus the consensus of $0.36. lululemon athletica, inc. sees Q2 2014 revenue of $375-380 million, versus the consensus of $387.2 million.
lululemon athletica, inc. sees FY2014 EPS of $1.71-$1.78, versus the consensus of $1.89. lululemon athletica, inc. sees FY2014 revenue of $1.77-1.8 billion, versus the consensus of $1.8 billion.
The company also announced that its board of directors has approved a stock repurchase program to buy back up to $450 million.
Separately, the company announced that CFO John Currie has notified the company of his intent to retire by the end of the fiscal year.
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