Lululemon: Fiscal Q1 Earnings Snapshot

VANCOUVER, British Columbia (AP) _ Lululemon Athletica Inc. (LULU) on Thursday reported fiscal first-quarter net income of $145 million.

On a per-share basis, the Vancouver, British Columbia-based company said it had profit of $1.11. Earnings, adjusted for costs related to mergers and acquisitions, were $1.16 per share.

The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.

The athletic apparel maker posted revenue of $1.23 billion in the period, also surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $1.12 billion.

For the current quarter ending in August, Lululemon expects its per-share earnings to range from $1.10 to $1.15. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.01.

The company said it expects revenue in the range of $1.3 billion to $1.33 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.2 billion.

Lululemon expects full-year earnings in the range of $6.73 to $6.86 per share, with revenue ranging from $5.83 billion to $5.91 billion.

Lululemon shares have dropped almost 9% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $317.14, a decline of 2% 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 https://www.zacks.com/ap/LULU