Lululemon meets 2Q profit forecasts

VANCOUVER, British Columbia (AP) _ Lululemon Athletica Inc. (LULU) on Thursday reported fiscal second-quarter net income of $53.6 million.

The Vancouver, British Columbia-based company said it had profit of 39 cents per share. Earnings, adjusted for pretax gains, came to 38 cents per share.

The results matched Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was also for earnings of 38 cents per share.

The athletic apparel maker posted revenue of $514.5 million in the period, beating Street forecasts. Twelve analysts surveyed by Zacks expected $514 million.

For the current quarter ending in November, Lululemon said it expects revenue in the range of $535 million to $545 million. Analysts surveyed by Zacks had expected revenue of $542.6 million.

The company expects full-year earnings to be $2.11 to $2.19 per share, with revenue ranging from $2.33 billion to $2.35 billion.

Lululemon shares have increased 46 per cent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $76.66, a climb of 22 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LULU at http://www.zacks.com/ap/LULU

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Keywords: Lululemon, Earnings Report, Priority Earnings