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UPDATE 1-Lululemon to close 40 Ivivva stores; quarterly profit tops views

(Adds details and outlook)

TORONTO, June 1 (Reuters) - Premium athletic apparel maker Lululemon Athletica Inc on Thursday said it would close most of its Ivivva stores for girls and reported quarterly earnings that beat analysts' forecasts, sending it shares up 10 percent.

Chief Executive Laurent Potdevin said sales exceeded the company's expectations at the beginning of the first quarter, thanks to stronger-than-expected sales of new products lines and fabrics.

The company reported adjusted per-share profit of 32 cents in the first quarter ended April 30, beating the 27 cent average forecast of analysts, according to Thomson Reuters I/B/E/S. Revenue rose 5 percent to $520.3 million, beating the average forecast of $514.1 million.

Total comparable sales fell 1 percent, on a constant dollar basis, better than the average forecast for a decline of 1.9 percent, according to Consensus Metrix.

The company said it would close 40 Ivivva stores, out of a total of 55, and expected to take $50 million and $60 million in Ivivva restructuring charges in fiscal 2017, including $17.7 million posted in the first quarter.

It raised its forecast for full-year per-share profit to between $2.28 and $2.38, compared with previous guidance of $2.26 to $2.36.

The Vancouver-based company popularized the "athleisure" market, but its once stellar growth has been tarnished as rivals introduced less-expensive gymwear. (Reporting by Solarina Ho; Editing by Jim Finkle and Leslie Adler)