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Lululemon Athletica posts 3Q profit, results miss Street expectations

Darpan News Desk The Canadian Press, 09 Dec, 2015 10:59 AM

Lululemon Athletica inc. (LULU) on Wednesday reported fiscal third-quarter earnings of $53.2 million.

The Vancouver, British Columbia-based company said it had net income of 38 cents per share. Earnings, adjusted for non-recurring gains, came to 35 cents per share.

The results missed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.

The company posted revenue of $479.7 million in the period, also falling short of Street forecasts. Thirteen analysts surveyed by Zacks expected $481.6 million.

For the current quarter ending in January, Lululemon said it expects revenue in the range of $670 million to $685 million. Analysts surveyed by Zacks had expected revenue of $693.4 million.

The company expects full-year earnings in the range of $1.78 to $1.81 per share, with revenue ranging from $2.03 billion to $2.04 billion.

Lululemon shares have dropped 6.5 per cent since the beginning of the year. The stock has increased 16 per cent in the last 12 months.

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