VANCOUVER — Lululemon Athletica Inc. (NASDAQ:LULU) says its first quarter revenue was up more than expected and it's raising the bar for its 2015 full-year results.
The Vancouver-based clothing company known for its yoga-inspired fashions had US$423.5 million of revenue during the three-month period, up 10 per cent from US$384.6 million in last year's first quarter.
That was above analyst estimates of US$418.9 million, which was in line with the top end of the company's guidance.
Lululemon's profit was $47.8 million or 34 cents per share — one cent above an average estimate compiled by Thomson Reuters. Its profit for the three months ended May 3 was up from $19 million or 13 cents per share a year earlier.
Lululemon CEO Laurent Potdevin said the company's e-commerce business is accelerating.
During the first quarter of 2015 ended May 3, Lululemon's direct-to-consumer revenue from electronic commerce increased 27 per cent $83.6 million — or nearly one-fifth of the total.
Lululemon — which reports in U.S. dollars — says it now expects revenue for all of 2015 will be in a range of between $2 billion and $2.05 billion, which is about $30 million higher than estimates released in March.
"To support our long term goals, we are intentionally striking a strategic balance between strong growth and investments within innovation and infrastructure," Potdevin said in a statement.
