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Lululemon boosts FY'17 guidance

Lululemon Athletica Inc. has raised its full-year fiscal 2017 guidance to a diluted EPS range of $2.20 to $2.23, the company announced as it reported its fiscal third-quarter earnings Dec. 6.

The company previously gave a guidance range of $2.04 to $2.11 for diluted EPS. The company also increased its revenue expectation to a range of $2.59 billion to $2.61 billion, compared to a previous forecast range of $2.545 billion to $2.595 billion. The new guidance figure assumes a total comparable sales increase in the mid-single digits on a constant dollar basis, while the previous guidance for comparable sales was an increase in the low-single digits on a constant dollar basis, the company said.

The guidance includes 136.2 million diluted weighted-average shares outstanding and a 30.9% tax rate.

Lululemon also said that its board authorized a $200 million share buyback. Excluding the restructuring of Ivivva, which includes the closing of 40 of 55 of Lululemon's stores for a teenage customer, Lululemon expects a 30.4% tax rate. Also in connection with the Ivivva operations, Lululemon said it expects total pretax costs between $45 million and $50 million in fiscal 2017.

The apparel retailer also announced expectations for its fiscal fourth quarter. Lululemon anticipates diluted EPS to be in the range of $1.18 to $1.21 including of the impact of the Ivivva restructuring, and diluted EPS of $1.19 to $1.22 excluding the restructuring.