UPDATE: lululemon athletica (LULU) Tops Q4 EPS by 1c; Guides Q1 EPS, Revs Below Views

March 21, 2013 7:17 AM
(Updated - March 21, 2013 7:39 AM EDT)

lululemon athletica, inc. (Nasdaq: LULU) reported Q4 EPS of 75 cents, topping analyst estimates calling for 74 cents. Revenue for the quarter came in at $485.5 million versus the consensus estimate of $482.59 million.

Comps for the fourth quarter increased by 10 percent on a constant dollar basis, adjusted for an extra week.

In the same period last year, lululemon reported EPS of 51 cents, revs of $371.5 million, and comps up 25 percent, excluding FX impact.

Direct-to-customer revs improved 56 percent to $78.3 million.

Cash and equivalents improved to $590.2 million at the end of fiscal 2012, versus $409.4 million at the end of the prior year.

"As previously announced on March 18th, we pulled a selection of our black Luon pants from our stores," commented CEO Christine Day. "Our proprietary fabric, black Luon, is a very technical and sensitive product to manufacture. We have a long history with our manufacturers and as we have in the past, we are working closely with them to resolve the current issues. We have a team on site collaborating with them to identify the root cause."

Sees Q1 2013 EPS of 28 cents to 30 cents, versus the consensus of 40 cents, and revenue of $333 to $343 million, versus the consensus of $344.99 million. Revs are expected to be down $12 million to $17 million from the black Luon issue. Impact on EPS is estimated to be 11 cents to 12 cents.

Sees FY2013 EPS of $1.95 to $1.99, versus the consensus of $2.17, and revenue of $1.615 billion to $1.640 billion, versus the consensus of $1.67 billion. Impact from black Luon for the year is expected to lower revs by $57 million to $67 million and hit EPS by 25 cents to 27 cents.

For earnings history and earnings-related data on lululemon athletica, inc. (LULU) click here.


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