Lululemon Athletica Inc (NASDAQ:LULU) reported first-quarter financial results after market close Thursday. Here are the key highlights.
What Happened: Lululemon reported first-quarter revenue of $1.61 billion, up 32% year-over-year and ahead of the $1.53 billion consensus estimate, according to data from Benzinga Pro.
Earnings per share of $1.48 beat the Street estimate of $1.43.
“In the first quarter of 2022, continued momentum in the business enabled us to achieve a strong start to the year,” Lululemon CEO Calvin McDonald said.
Revenue in North America was up 32% year-over-year. International revenue was up 29% year-over-year.
The company saw comparable store sales increase by 28% from the prior year quarter. Direct to consumer revenue was up 32% year-over-year and made up 4% of total revenue in the first quarter.
Lululemon bought back 0.7 million shares of its stock in the quarter for $232.6 million at an average price of $328.40.
A total of five net new company operated stores were opened in the first quarter to take the company’s total to 579 at the end of the quarter.
Related Link: Here's How Lululemon Stock Looks Ahead Of Q1 Earnings Print
What’s Next: Lululemon sees second-quarter revenue coming in a range of $1.75 billion and $1.775 billion, which is ahead of the Street's $1.71 billion estimate.
The company sees earnings per share of $1.82 to $1.87, ahead of a Street estimate of $1.77.
For fiscal 2022, Lululemon is guiding for revenue of $7.61 billion to $7.71 billion. Full year earnings per share are expected to be in a range of $9.35 to $9.50 for the full fiscal year.
“These results provide a solid foundation as we begin our next five-year journey and deliver against our new Power of Three x2 growth plan,” McDonald said.
LULU Price Action: Lululemon shares are up 1.5% in after-hours trading. Shares closed up 4% at $302.58 versus a 52-week trading range of $251.51 to $485.82.
