lululemon (LULU) Jumps 2% on Beat and Raise Q1 Earnings Report

lululemon athletica (NASDAQ: LULU) shares jumped 2% after-hours Thursday after the company beat on the top and bottom line in the first quarter and lifted its outlook.

The athleisure apparel maker reported that revenue surged 32% to $1.6 billion as total comparable sales increased 28%. This easily topped the consensus of $1.53 billion. The company posted EPS of $1.48, versus the consensus of $1.43.

CFO Meghan Frank said while not immune to challenges from COVID-19, supply chain disruptions, and inflationary pressure, their "omni operating model, balanced growth strategy, and unique approach toward innovation enable the positive results we are reporting today and anticipate for the full year."

Looking at the current quarter, the company sees revenue of $1.75-1.775 billion, versus the consensus of $1.71 billion. They see adjusted EPS of $1.82-$1.87, versus the consensus of $1.77.

For the year, lululemon sees revenue of $7.61-7.71 billion, versus the consensus of $7.54 billion. They see FY2022 adjusted EPS of $9.35-$9.50, versus the consensus of $9.28.

In April, lululemon announced its Three ×2 growth strategy to enable it to double revenue to $12.5 billion by 2026.

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