June 1, 2017 / 9:26 PM / in 6 months

BUZZ-Lululemon: Shares surge on Q1 beat-and-raise

** Athletic apparel maker’s shares rise ~15 pct to $56 after the bell following Q1 beat-and-raise

** CEO says Q1 sales beat Co’s expectations at start of quarter due to strong sales of new products lines, fabrics

** Q1 comp sales down 1 pct vs est of 1.9 pct drop; Co’s warning in late March of a Q1 sales decline had hammered stock

** Lululemon hikes full-year EPS forecast and while it trimmed its sales forecast, that outlook was still above analysts’ estimates

** Vancouver-based co also says to close 40 of 55 Ivivva stores and focus the brand primarily on e-commerce

** Stock down 25 pct YTD, with all losses coming in the wake of its weak Q4 report in late March

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