lululemon's net revenue increases 75% to $78.2 mn

03 Jun '08

3 min read

This guidance continues to be based on anticipated comparable store sales growth of low teens; or high single digits on a constant dollar basis, and 35 planned new store openings in North America.

Due to strong sales at new stores not in the comp base, coupled with an earlier than anticipated new store opening calendar for this year, we are raising revenue guidance to between $380 million and $385 million versus previous guidance of $370 million to $375 million. The lower earnings outlook is primarily a result of incremental hires and other strategic initiatives.

The Company expects an effective tax rate in the low 30% range for the full year and anticipates diluted weighted average shares outstanding of 71.7 million for 2008.

Fiscal 2008 earnings guidance includes a charge of approximately $0.02 per share resulting from the Company's planned closure of its four stores currently operating in Japan.

The Company's long-term growth targets continue to be net revenue growth of approximately 25% and diluted EPS growth in excess of 25%.

Conference Call Information:
A conference call to discuss first quarter results is scheduled for June 2, 2008, at 4:30 PM Eastern Time.

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