Canadian yogawear retailer Lululemon Athletica raised its full-year revenue and earnings forecast and reported better-than-expected first-quarter profit, helped by strong comparable store sales.
Shares of Lululemon moved higher in premarket trading following the report. (Click here for the latest quote.)
The company inched up its full-year earnings forecast to $1.86 to $1.91 per share from $1.85 to $1.90 and revenue forecast to $2.00 to $2.05 billion from $1.97 to $2.02 billion.
The profit forecast however was short of analysts' average estimate of $1.93 per share, while the revenue forecast compared with analysts' average estimate of $2.02 billion, according to Thomson Reuters I/B/E/S.
Shares of the company, which has posted better-than expected profit for at least the past eight quarters, were up 2.8 percent at $63.25 in light premarket trading.
Lululemon is in the midst of a turnaround to improve quality, expand its product line and solve supply-chain problems, while laying the groundwork for faster international growth.