Lululemon beats on earnings and raises its guidance
Lululemon shares climbed more than 7% in after-hours trading on Wednesday after the company reported better than expected earnings and raised its guidance.
The atheltic-apparel retailer earned an adjusted $0.56 a share, handily beating the $0.52 that Wall Street analysts surveyed by Bloomberg were anticipating. Revenue rose 14% versus a year ago to $619 million.The company says it sees full-year 2017 adjusted earnings per share of $2.45 to $2.48, up from its previous guess of $2.35 to $2.42.
"As we start the holiday season, I'm energized by our momentum and we are increasing guidance to reflect this performance," CEO Laurent Potdevin said in the earnings release. "I'm grateful for the enthusiasm I see every day across our collective as we remain on our path to delivering $4 billion in revenue in 2020."
Lululemon's board of directors authorized a $200 million share buyback program.
Shares of the company are up 7.33% this year.