Lululemon Q2 Profit Beats Estimates; Updates Outlook - Quick Facts

(RTTNews) - lululemon athletica inc. (LULU) reported second quarter net income of $47.7 million or $0.34 per share, compared to $48.7 million or $0.33 per share, in the second quarter of prior year.

On average, 35 analysts polled by Thomson Reuters expected the company to report profit per share of $0.33 for the quarter. Analysts' estimates typically exclude special items.

Net revenue increased 16% to $453.0 million from $390.7 million in the second quarter of fiscal 2014. Analysts expected revenue of $445.76 million for the quarter.

Laurent Potdevin, lululemon's CEO, said: "We exceeded our revenue targets for the past quarter, supported by strong performance from both our store and e-commerce channels."

Comparable store sales for the second quarter increased by 6% on a constant dollar basis. Total comparable sales, which includes comparable store sales and direct to consumer, increased by 11% for the second quarter on a constant dollar basis.

For the third quarter of fiscal 2015, the company expects net revenue to be in the range of $477 million to $482 million based on total comparable sales in the high single digits on a constant dollar basis. Earnings per share are expected to be in the range of $0.35 to $0.37. Analysts expect the company to report earnings per share of $0.43 on revenue of $478.40 million.

For the full fiscal 2015, the company now expects net revenue to be in the range of $2.025 billion to $2.055 billion based on total comparable sales in the high single digits on a constant dollar basis. Earnings per share are expected to be in the range of $1.87 to $1.92 for the full year. Analysts expect the company to report earnings per share of $1.93 on revenue of $2.03 billion.