- Earnings and revenue beat market expectations
- Stock 5% up in premarket trading
Lululemon Athletica Inc. (NASDAQ:LULU), a Canadian athletic apparel retailer, reported higher-than-expected first-quarter results that prompted its stock to trade more than 5% higher in premarket trading.
The firm reported earnings of $0.74 per share, compared to market estimates of $0.70 per share, while revenue also came in higher, $782 million against $755 million expected. Net income jumped to $96.6 million, from $75.2 million a year earlier.
“Lululemon continues to see strong momentum across the entire business,” said Chief Executive Officer Calvin McDonald.