Lululemon surges after crushing earnings and raising its raising full-year guidance
- Lululemon Athletica's earnings beat on both the top and bottom lines.
- The retailer lifted its full-year guidance above Wall Street expectations.
- Shares jumped more than 10%.
- Watch Lululemon Athletica in real time here.
Lululemon Athletica shares are up more than 10% ahead of Friday's opening bell after the company posted strong second-quarter earnings and lifted full-year guidance.
The retailer reported adjusted earnings of $0.71 per share, beating the $0.49 that was expected by Wall Street analysts surveyed by Bloomberg. Lululemon said its second quarter sales totaled $723.5 million, easily beating the $666.1 million estimate. Comparable sales were also strong, soaring 19% on a constant dollar basis, well above the 9.5% growth that was anticipated.
"We're pleased to see the great results of Q2 across all parts of our business now extending into the current quarter," Stuart Haselden, Lululemon's chief operating officer, said in the earnings release. "This ongoing success positions us to achieve our 2020 goals and beyond."
Looking ahead, the company now sees its full-year earnings to be in the range of $3.45 to $3.53 per diluted share, up from its previous calculation of $3.10 to $3.18. Analysts had expected $3.25.
Lululemon shares are up 75% this year.
