VANCOUVER – Lululemon Athletica Inc. (Nasdaq:LULU) had a profit of US$47.7 million in the second quarter as revenue increased 16 per cent from the same time last year — beating analyst estimates.
The Vancouver-based fashion retailer’s net income, reported in U.S. currency, amounted to 34 cents per share.
That compared with 33 cents per share or $48.7 million in last year’s second quarter, when Lululemon had more shares outstanding. Share buybacks by a company tend to increase per-share profits.
Lululemon’s revenue grew to $453 million from $390.7 million last year.
Direct sales to consumers were $82.2 million, or 18.2 per cent of the sale — up from 16.2 per cent of the total last year.
Lululemon’s profit met analyst estimates for net profit and was one cent per share about their estimates for adjusted earnings. Revenue was above the estimate of $445 million, according to Thomson Reuters.
For the current quarter ending in November, Lululemon said Thursday it expects revenue in the range of $477 million to $482 million. Analysts surveyed by Thomson Reuters had estimated revenue will be $478.40 million.
Lululemon shares have climbed 15 per cent since the beginning of the year. The stock has increased 66 per cent in the last 12 months.