RPT-UPDATE 1-Lululemon's profit beats estimates as online sales rise
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Sept 11 (Reuters) - Canadian yogawear chain Lululemon Athletica Inc reported a better-than-expected quarterly profit, helped by higher online sales, sending its shares up about 12 percent premarket.
For more than a year, Lululemon has worked to smooth out quality and supply-chain issues, battle lawsuits, deal with departing executives and soothe customer sentiments following a high-profile recall of yoga pants deemed transparent and founder Chip Wilson's controversial comments.
The company, which cut its expectations in June, marginally raised its full-year earnings forecast on Thursday.
Lululemon said it now expected full-year adjusted earnings of $1.72-$1.77 per share, up from $1.71-$1.76. The company also increased the lower end of its revenue forecast to $1.78 billion from $1.77 billion.
Analysts on average were expecting full-year earnings of $1.74 per share on revenue of $1.78 billion, according to Thomson Reuters I/B/E/S.
The company's net income fell to $48.7 million, or 33 cents per share, in the second quarter ended Aug. 3, from $56.5 million, or 39 cents per share, a year earlier.
Revenue rose about 13 percent to $390.7 million.
Analysts on average had expected earnings of 29 cents per share on revenue of $376.8 million. Continued...