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June 4, 2021, 7:53 a.m. EDT

Lululemon Q1 sales rise nearly 90% as foot traffic returns

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By Claudia Assis

Lululemon Athletica Inc. stock rose in after-hours trading Thursday after the retailer reported a first-quarter profit above Wall Street expectations, seeing a rebound in store traffic and a still-strong e-commerce business.

Lululemon /zigman2/quotes/204011506/composite LULU +0.80% said it earned $145 million, or $1.11 a share, in the quarter, compared with $28.6 million, or 22 cents a share, in the year-ago quarter.

Adjusted for one-time items, Lululemon earned $1.16 a share, compared with 23 cents a share a year ago.

Sales rose 88% to $1.23 billion, the company said, with direct-to-consumer sales representing 44% of total sales in the quarter compared with 54% for the first quarter of 2020.

Analysts polled by FactSet expected the athleisure apparel maker to report adjusted earnings of 91 cents a share on sales of $1.13 billion.

First-quarter results reflected “strength across all drivers of growth, fueled by the continued expansion in our e-commerce business and a rebound in brick-and-mortar stores,” Lululemon Chief Executive Calvin McDonald said in a statement.

Sales of activewear and casual wear have skyrocketed amid the pandemic and work-from-home trends. Gap Inc. /zigman2/quotes/206554267/composite GPS -1.08% last week reported higher-than-expected sales in part due to higher demand for activewear and summer fashions.

Lululemon guided for second-quarter sales between $1.30 billion and $1.33 billion, and EPS between $1.05 and $1.10 for the quarter.

Adjusted EPS is expected to be between $1.10 and $1.15, the company said.

For full-year 2021, Lululemon said it expects sales between $5.825 billion and $5.905 billion, and adjusted EPS between $6.73 and $6.86.

/zigman2/quotes/204011506/composite
US : U.S.: Nasdaq
$ 394.57
+3.14 +0.80%
Volume: 357,060
July 28, 2021 3:36p
P/E Ratio
73.19
Dividend Yield
N/A
Market Cap
$50.95 billion
Rev. per Employee
$176,075
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/zigman2/quotes/206554267/composite
US : U.S.: NYSE
$ 28.93
-0.31 -1.08%
Volume: 3.19M
July 28, 2021 3:36p
P/E Ratio
25.65
Dividend Yield
1.66%
Market Cap
$11.04 billion
Rev. per Employee
$117,949
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