Lululemon Athletica inc. (NASDAQ:LULU) had a strong afternoon as the company’s shares rose following its quarterly earnings results.
The yoga apparel maker reported fourth-quarter income from operations of $256.3 million, increasing 30% compared to the year-ago quarter. Adjusted income from operations rose $61.5 million, or 31% year-over-year, to $258.1 million.
Lululemon’s diluted earnings per share were 88 cents, below the 99 cents per share it earned in the year-ago period. On an adjusted basis, the yoga apparel retailer posted earnings of $1.33 per share, 33 cents above the year-ago total of $1 per share.
The figure came in ahead of analysts’ expectations of adjusted earnings of $1.27 per share, according to Thomson Reuters. Lululemon’s net revenue for its fourth quarter was $928.8 million, rising 18% compared to the year-ago quarter.
On a constant dollar basis, net revenue increased 16%. The Wall Street consensus estimate was calling for the company to bring in net revenue of $912 million, according to data compiled by Thomson Reuters.
Lululemon’s total comparable sales rose 12% year-over-year, or 11% on a constant dollar basis. The apparel maker’s comparable store sales increased 2% compared to the year-ago quarter, or 1% on a constant dollar basis.
Its direct-to-consumer net revenue surged by 44% year-over-year, or increased 42% on a constant dollar basis. This marks Lululemon’s first quarterly earnings report since CEO Laurent Potdevin stepped down in February after failing to reach some of the company’s financial goals.
LULU stock soared 6.7% after the bell Tuesday on the company’s earnings beat.
