06/08/2016 02:04 EDT | Updated 06/09/2017 05:12 EDT

Lululemon Earnings Beat Expectations, But Profits Are Down

VANCOUVER, British Columbia — Lululemon Athletica Inc. on Wednesday reported fiscal first-quarter net income of $45.3 million.

On a per-share basis, the Vancouver, British Columbia-based company said it had profit of 33 cents. Earnings, adjusted for non-recurring gains, came to 30 cents per share.

The results matched Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was also for earnings of 30 cents per share.

The athletic apparel maker posted revenue of $495.5 million in the period, surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $488 million.

lululemon Lululemon's net income fell to $45.3-million. (Photo: Getty Images)

For the current quarter ending in August, Lululemon said it expects revenue in the range of $505 million to $515 million. Analysts surveyed by Zacks had expected revenue of $514.3 million.

The company expects full-year earnings in the range of $2.05 to $2.15 per share, with revenue ranging from $2.31 billion to $2.35 billion.

Lululemon shares have climbed 30 per cent since the beginning of the year. The stock has climbed 11 per cent in the last 12 months.

The company's net income fell to $45.3-million, by 5 per cent to 33 cents per share, according to Reuters.

Lululemon founder Chip Wilson blasted the company's management last week, calling its competence "uninspiring at best."


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