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Lululemon Athletica fiscal Q1 profit falls 15.5% YOY

Lululemon Athletica Inc. said its normalized net income for the fiscal first quarter ended May 4 came to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS decreased 15.5% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $44.7 million, a decline of 15.5% from $52.8 million in the year-earlier period.

The normalized profit margin fell to 11.6% from 15.3% in the year-earlier period.

Total revenue climbed 11.2% on an annual basis to $384.6 million from $345.8 million, and total operating expenses climbed 19.8% from the prior-year period to $314.8 million from $262.7 million.

Reported net income fell 59.4% year over year to $19.0 million, or 13 cents per share, from $46.7 million, or 32 cents per share.