Lululemon meets 1Q profit forecasts

VANCOUVER, British Columbia (AP) _ Lululemon Athletica Inc. (LULU) on Wednesday reported fiscal first-quarter net income of $45.3 million.

On a per-share basis, the Vancouver, British Columbia-based company said it had profit of 33 cents. Earnings, adjusted for non-recurring gains, came to 30 cents per share.

The results matched Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was also for earnings of 30 cents per share.

The athletic apparel maker posted revenue of $495.5 million in the period, surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $488 million.

For the current quarter ending in August, Lululemon said it expects revenue in the range of $505 million to $515 million. Analysts surveyed by Zacks had expected revenue of $514.3 million.

The company expects full-year earnings in the range of $2.05 to $2.15 per share, with revenue ranging from $2.31 billion to $2.35 billion.

Lululemon shares have climbed 30 per cent since the beginning of the year. The stock has climbed 11 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