Lululemon Athletica inc. (NASDAQ:LULU) are up more than 13% this morning, a day after the athleisure apparel retailer reported fiscal Q1 profit of $31.2 million.
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The Vancouver, British Columbia-based company said it earned 32 cents per share on sales of $520.3 million. The average estimate of 17 analysts polled by Zacks Investment Research was 28 cents a share.
In providing guidance for the current quarter ending in August, LULU expects its EPS to range from 33 cents to 35 cents. Lululemon expects full-year earnings in the range of $2.28 to $2.38 per share, with revenue ranging from $2.53 billion to $2.58 billion.
Lululemon also said it is shuttering 40 of its 55 Ivivva stores, citing years of operational losses. The stores cater to girls and teens. The line of girls’ yoga and athletic wear will continue to be sold, but primarily online.
Until today, LULU shares have been down in the dumps since the start of this year, InvestorPlace contributor Laura Hoy noted earlier this week. “Investors will be watching to see whether or not the company was able to ride on the tailwinds of the athletics market and turn things around.”
LULU stock had lost more than 25% of its value this year through yesterday’s market close.