Apparel company Lululemon Athletica (NASDAQ: LULU) reported first-quarter financial results after the market close Thursday. Here are the key highlights.
What Happened: Lululemon reported first-quarter revenue of $2 billion, which was up 24% year-over-year. The revenue came in ahead of a Street consensus estimate of $1.92 billion, according to data from Benzinga Pro.
The company reported earnings per share of $2.28 in the first quarter, beating a Street estimate of $1.98.
Revenue was up 17% year-over-year in the North America segment and up 60% year-over-year in the International segment.
Comparable sales in the first quarter were up 14% year-over-year. Store sales were up 13% year-over-year and direct to consumer sales were up 16% year-over-year.
Direct to consumer revenue represented 42% of the first quarter total.
"We are pleased with our solid start to the year, delivering strong financial performance and continued momentum. Our results reflect the strength of our guest relationships, our innovative products and how our brand resonates across the globe," Lululemon CEO Calvin McDonald said.
Lululemon ended the first quarter with 662 stores, with seven net new company owned stores opened in the first quarter.
The company ended the first quarter with $950.6 million in cash.
What's Next: Lululemon is guiding for second-quarter revenue to be in a range of $2.14 billion to $2.17 billion, representing growth of 15% year-over-year. The Street consensus estimate is $2.16 billion, according to data from Benzinga Pro.
Earnings per share in the second quarter are expected to be in a range of $2.47 to $2.52.
For the full fiscal year, Lululemon sees revenue coming in a range of $9.44 billion to $9.51 billion, which would be up 17% year-over-year at the mid-point. Full-year earnings per share are expected to be in a range of $11.74 to $11.94.
"We are pleased with our momentum heading into the second quarter and for the full year as reflected in our revised outlook for FY23," Chief Financial Officer Meghan Frank said.
LULU Price Action: Lululemon shares are up 11% to $362.50 in after-hours trading Thursday.