Canadian yoga-wear retailer Lululemon Athletica reported a higher-than-expected quarterly profit, helped by strong sales during the holiday shopping period.
The company reported earnings of 85 cents per share for the fourth quarter ended Jan. 31, beating analysts’ average estimate of 80 cents, according to Thomson Reuters I/B/E/S.
Lululemon (lulu) forecast higher net revenue in the range of $2.29 billion-$2.34 billion for the full year, compared with the previous year, saying it expects total comparable sales to increase by a mid-single digit percentage on a constant dollar basis.
The company reported net revenue of $2.06 billion for the year ended Jan. 31, and earnings per share of $1.89.
The retailer said it expected earnings of $2.05-$2.15 per share for the year.
Comparable store sales for the fourth quarter rose by 5% on a constant dollar basis, beating analysts’ average estimate of 4.70%, according to Consensus Metrix.
Net income rose about 6% to $117.4 million in the quarter from $110.9 million, or 78 cents per share, a year earlier.
Net revenue rose about 17% to $704.3 million.