Lululemon Athletica Inc (NASDAQ: LULU) reported its financial results for the second quarter on Wednesday that beat Wall Street estimates. Shares of the company jumped more than 10% in extended trading on raised guidance for the full year.
Q2 financial performance
Lululemon said its net income printed at $208.1 million that translates to $1.59 per share. In the comparable quarter of last year, its net income was capped at $86.8 million or 66 cents per share. On an adjusted basis, the athletic apparel retailer earned $1.65 versus the year-ago figure of 74 cents.
The Canadian company generated $1.45 billion in revenue – an increase from $902.3 million last year. According to FactSet, experts had forecast $1.19 of per-share earnings on $1.33 billion in revenue. Lululemon had also topped estimates in the prior quarter (Q1).
Guidance for the full-year
For the full financial year, Lululemon Athletica now forecasts $7.38 to $7.48 of EPS on up to $6.26 billion in revenue. In comparison, analysts are calling for $6.93 of per-share earnings on $5.94 billion in revenue.
In its previous guidance, the Nasdaq-listed company had expected $6.52 to $6.65 of EPS on up to $5.91 billion in revenue, as per the earnings press release. In the current quarter, it expects to generate up to $1.43 billion in revenue and $1.33 to $1.38 of per-share earnings – also ahead of the FactSet consensus.
CFO Meghan Frank’s comments
Commenting on the financial update, CFO Meghan Frank said:
“Our performance in Q2 was driven by a strong response to our product offering, improving productivity in our stores, and sustained strength in eCommerce. While we continue to navigate the COVID-19 environment, including supply chain headwinds, I’m excited with our momentum as we head into H2.”
The $49 billion company now has a PE ratio of 70.71.
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