Lululemon Athletica tops Q1 results as growth in China accelerates

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Lululemon Athletica tops Q1 results as growth in China accelerates
Credit: © Reuters.

Investing.com -- Lululemon Athletica reported Thursday fiscal first-quarter results that beat analysts' forecasts as lower transportation costs and growth in China bolstered results.

Lululemon Athletica Inc (NASDAQ: LULU ) was up about 10% in after-market trading.

The company announced EPS  of $2.28 on revenue of $2.00 billion. Analysts polled by Investing.com anticipated EPS of $1.96 cents on revenue of $1.92B.

"A meaningful acceleration in our China sales trend, coupled with lower air freight, contributed to our better than planned financial performance," the company said. 

Comparable sales increased 14%, with comparable store sales up 13% and direct to consumer net revenue up 16%

Gross margin increased 360 basis points to 57.5%. 

For Q2, the company sees diluted earnings per share in the range of $2.47 to $2.52 and revenue in the range of $2.140B to $2.170B, in line with estimates of $2.49 per share and $2.16B respectively. 

For 2023, diluted earnings per share was forecast in the range of $11.74 to $11.94 for the year on revenue of $9.440B to $9.510B.

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