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

03 Jun '08

3 min read

lululemon athletica inc announced financial results for the thirteen weeks ended May 4, 2008.

Robert Meers, lululemon's CEO stated: “We are pleased with the continued momentum of our business through the first quarter despite the overall consumer environment.

The investments into our systems and people position us well to gain market share as we continue to expand our store base in the United States and migrate into ecommerce next year.”

Mr. Meers continued: “For me, it is gratifying to know that an extremely strong foundation is in place at lululemon, and a talented new CEO will be leading the organization into the future starting this second quarter.”

Christine Day, lululemon's CEO designate stated: “Along with our strong results in the first quarter, we were able to make some important senior level management hires and successfully implement the first phase of our systems upgrade.

We also plan to make additional strategic investments in our long term growth that will result in a slightly reduced EPS outlook for fiscal 2008.

That said, we will continue to strive to deliver exceptional results, attracting new guests to our brand through our unique culture, store experience and distinctive community-based approach to retail. I am extremely encouraged about our long term growth and future.”

Updated Guidance:
Based on the results from our first fiscal quarter and our outlook for the balance of the year, the Company now expects diluted earnings per share for fiscal 2008 to be $0.68-$0.71 versus previous guidance of $0.70-$0.72.

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