=lululemon athletica (LULU) reported earnings on Thur 1 June 17 (a/h)

lululemon athletica beats by $0.04, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY18 EPS in-line, revs in-line:

• Reports Q1 (Apr) earnings of $0.32 per share, $0.04 better than the Capital IQ Consensus of $0.28; revenues rose 5.0% year/year to $520.3 mln vs the $513.99 mln Capital IQ Consensus.
  • Total comparable sales decreased 1%, or decreased by 1% on a constant dollar basis. 
  • Comparable store sales decreased 2%, or decreased by 1% on a constant dollar basis.  
  • Direct to consumer net revenue was flat, and was flat on a constant dollar basis.
  • Gross profit was $256.9 million, an increase of 7% compared to the first quarter of fiscal 2016. Adjusted gross profit was $262.3 million, an increase of 10%.
  • Gross margin was 49.4%, an increase of 110 basis points compared to the first quarter of fiscal 2016. Adjusted gross margin was 50.4%, an increase of 210 basis points.
• Co issues guidance for Q2, sees EPS of $0.33-0.35, excluding non-recurring items, vs. $0.41 Capital IQ Consensus Estimate; sees Q2 revs of $565-570 mln vs. $559.95 mln Capital IQ Consensus Estimate.
• Co issues in-line guidance for FY18, sees EPS of $2.28-2.38, excluding non-recurring items, vs. $2.31 Capital IQ Consensus Estimate; sees FY18 revs of $2.53-2.58 bln vs. $2.56 bln Capital IQ Consensus Estimate.