Lululemon profit tops expectations; shares jump

TORONTO (Reuters) – Yoga-wear retailer Lululemon reported better-than-expected quarterly results Friday, as online and in-store sales strengthened, sending its shares up 6.3 percent in pre-market trading.

Net income in the fiscal first quarter ended May 1 rose to $33.4 million, or 46 cents a share, up from year-ago profit of $19.6 million, or 27 cents a share.

Analysts on average had forecast earnings of 38 cents a share, according to Thomson Reuters I/B/E/S.

The specialty clothing retailer also forecast stronger than expected second-quarter and full-year earnings.

It sees second-quarter earnings of 42 cents to 44 cents a share on revenues of $200 million to $205 million. For the full-year it forecast earnings of $2.10 to $2.16 a share, on revenue of $915 million to $930 million.

Analysts on average have forecast second-quarter earnings of 40 cents a share and full-year earnings of $2.04 a share.

Shares of the company were up $5.46 at $91.60 in trading before the morning bell on Friday in the United States.

The Vancouver-based company has carved out a lucrative niche market and has become one of the few Canadian retailers that has successfully entered the U.S. market.

It operates 130 stores in Canada, the United States and Australia, not including community-oriented showrooms that offer fitness classes and incorporate local events. (Reporting by Euan Rocha; editing by Janet Guttsman)