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Lululemon lifts FY'18 outlook

Athletic apparel retailer Lululemon Athletica Inc. on May 31 raised its earnings-per-share guidance for full year 2018 after reporting results for its fiscal first quarter ended April 29 that exceeded analysts' expectations.

For the full fiscal year, the Canadian retailer projects its diluted EPS in the range of $3.10 to $3.18, up from the range of $3.00 to $3.08 that the company forecast while reporting full-year fiscal 2017 results in March. Net revenue is projected between $3.04 billion and $3.08 billion, up from prior expectation of $2.99 billion to $3.02 billion.

Lululemon said this outlook assumes 136.3 million diluted weighted-average shares outstanding and a 30% tax rate. Also, this guidance does not reflect potential future share repurchases or any adjustments in connection with the U.S. tax reform.

For the second quarter of fiscal 2018, the company expects its revenue to total in the range of $660 million to $665 million. Diluted earnings per share in the period are expected to come in between $0.46 and $0.48.

For the first quarter, the company reported net revenue of $649.7 million, an increase of 25% from its previous-year first quarter. Diluted EPS came in at 55 cents, higher than the S&P Capital IQ mean consensus normalized EPS estimate of 46 cents. Lululemon also recorded a 20% jump in its first-quarter comparable sales.