By Yasin Ebrahim
Investing.com - Lululemon Athletica (NASDAQ:LULU) reported Thursday first quarter results that beat analysts' forecasts as the reopening of its stores bolstered growth.
Shares were little changed in after-hours trade following the report.
Lululemon Athletica announced earnings per share of $1.16 on revenue of $1.23B. Analysts polled by Investing.com anticipated EPS of $0.9012 on revenue of $1.12B.
The beat on the bottom line was led by increasing margins, while sales got a boost from the reopening of stores and ongoing momentum in the direct to consumer segment.
Gross profit increased 109% to $700.3 million and gross margin increased 580 basis points to 57.1%.
Direct to consumer net revenue increased 55% to $545.1 million.
"Our first quarter results reflected strength across all drivers of growth, fueled by the continued expansion in our e-commerce business and a rebound in brick and mortar stores." the company said.
Looking ahead, guidance for the second-quarter and the full-year revenue topped short of Wall Street expectations.
Adjusted Q2 EPS was guided in a range of $1.10 to $1.15 on revenue of $1.3B to $1.33B, topping the Street expectations for EPS of $1.0 consensus on revenue of $1.9B.
For the full-year 2021, adjusted EPS was estimated in the range of $6.73 to $6.86 on revenue of $5.825B to $5.905B.
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