When Lululemon Athletica Inc. (NASDAQ: LULU) released its fiscal first-quarter financial results after the markets closed on Thursday, the company said that it had $0.55 in earnings per share (EPS) and $649.7 million in revenue. The consensus estimates from Thomson Reuters had called for $0.46 in EPS on revenue of $616.31 million. The same period of last year reportedly had EPS of $0.32 and $520.31 million in revenue.
During the quarter, total comparable sales increased 20%, or increased 19% on a constant dollar basis. Comparable store sales increased 8%, and direct to consumer net revenue increased 62%.
Looking ahead to the fiscal second quarter, the company expects to see EPS in the range of $0.46 to $0.48 per share and net revenues between $660 million and $665 million, with comparable sales increasing in the high single digits.
The consensus estimates are $0.45 in EPS and $646.31 million in revenue for the quarter.
On the books, Lululemon cash and cash equivalents totaled $966.6 million at the end of the quarter, compared to $698.3 million in the same period last year.
Glenn Murphy, executive chairman of the board, commented:
We are pleased with our continued strong results for the first quarter of 2018. This successful start to the year reaffirms our strategic priorities and I would like to thank our team for their passion and commitment to connecting with guests around the world.
Stuart Haselden, chief operating officer, added:
Our first quarter results reflect the ongoing strength of our business and our continued focus on product innovation, global growth, digital acceleration, and, most importantly, investing in our people. Our momentum remains strong and we are optimistic for 2018 and beyond.
Shares of Lululemon closed Thursday at $105.05, with a consensus analyst price target of $94.14 and a 52-week range of $47.26 to $107.49. Following the announcement, the stock was up about 7% at $112.75 in early trading indications Friday.